![Litecoin [LTC] buyers are confident, but the $100-mark will…](https://i.headtopics.com/images/2023/5/17/cryptoamb/litecoin-ltc-buyers-are-confident-but-the-100-mark-litecoin-ltc-buyers-are-confident-but-the-100-mark-1658933660815351810.webp)
Litecoin [LTC] buyers exude confidence, but the $100 mark looms large
retested $27.8k as resistance on 15 May and did not have a bullish bias on the higher timeframes. This could negatively impact Litecoin prices in case BTC prices fell.The daily timeframe chart showed a range formation between $65.6 and $102.7. The mid-point at $84.2 served as support in mid-April before LTC fell as far south as $75.2.The buyers managed to drive prices upward by 17.8% measured from Sunday’s swing low. The RSI jumped back above neutral 50 to show strong bullish momentum.
Above the range highs sat a bearish order block on the daily timeframe from 4 May 2022. The bulls tried to breach this area in both February and April but were rebuffed on both occasions. An encouraging fact was that April’s rejection saw a higher low form at $75.2, instead of a move back to the range lows.
A look at the 4-hour charts showed that the $88-$91.5 area had strong resistance, but LTC managed to move past this zone. This supported the idea that a move to $100-$102 was possible, but it remained likely that Litecoin would be unable to rally above $105 unless Bitcoin saw sentiment shift to bullish as well.
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