Litecoin price could drop 10% as LTC fails to conquer critical resistance level

Litecoin (LTC) price sees bulls making it very easy to short LTC these past couple of weeks. Since March, it has been a near guarantee that if bears shorted near $100, a big fade would occur with considerable gains for them. 

On the other side, LTC bulls are each time dropping the ball in Litecoin price as soon as $100 gets mentioned by analysts, as profit-taking becomes too overpowering for the remaining position to withstand.

Litecoin price at $100 is still too big of a hurdle for bulls to take

Litecoin price paints a picture of bulls having stage fright. Since the end of February, whenever LTC has traded at $100, price action has broken down. Bulls do not look able to refrain from taking profit and sticking to their positions to break above that $100 handle finally.

LTC has already tanked 5% since Wednesday and is set to close out this week with another 5% decline, making the weekly loss around 10%. That is when bulls will step in around the monthly pivot at $85 and provide ample support. If they do not show up in that area, that 10% loss will become 20% as the next support only comes in near $75 in the form of the 200-day Simple Moving Average (SMA).

LTC/USD  4H-chart    

The 55-day SMA seems to be holding after a brief break lower in the ASIA PAC session on Friday. In case bulls can contain the profit-taking fade around $90, LTC bulls got a good opportunity to finally crack the code around $100. Expect next week to see another attempt at that level., If $100 breaks, LTC could swing towards $104, with 10% gains.