What's next for LTC price?
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The latest bout of buying in the Litecoin market has left it in an "overbought" state.
Notably, Litecoin's daily relative strength index (RSI) was above 70 on July 2, raising chances of a correction in the coming days. Suppose it happens. Then LTC price could return to $100 as a test of this key support level.
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A decisive close below $100 opens the door for a test of its 50-day exponential moving average (50-day EMA; the red wave) near $90. Conversely, a bounce from $100 positions LTC/USD for more upside.
Supported by strong fundamentals, Litecoin could therefore rise toward $130, a resistance level from January-April 2022. This level is also near the upper trendline of LTC's ongoing ascending channel trajectory, as shown in the weekly chart below.
This setup positions LTC bulls for a 20% gain by late July-early August.
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