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Litecoin price (LTC/USD) pulls back after relief rally runs out of steam

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The Litecoin price (LTC/USD) has broken above the $98 mark on Thursday, but a recent pullback has all but erased its earlier progress.

On Wednesday, the digital currency nosedived to the low $90 area, having opened the session at $100.80. The coin hit $91.29 in the afternoon, which was its lowest level since December 1. A modest increase in the final hours of the session allowed Litecoin to pare its losses and finish the day at $94.08.

The coin has been able to maintain the positive momentum throughout most of today’s session. It even made an attempt at reclaiming the psychological level of $100, but its rally run out of steam at around $98. In more recent trading, the Litecoin price has retreated to lower levels and is currently hovering around $95.

Still, the $100 mark may be attainable in the short term, industry website Coindesk has suggested. According to a technical analysis published Wednesday, Litecoin’s daily relative strength index (RSI) has fallen into oversold territory (below 30.00) for the first time in over two months. This suggests that Litecoin could revisit $100 and even $106, as part of a short corrective rally. However, the long-term outlook remains bearish, meaning that LTC is likely to test the $80 level in the next weeks, Coindesk notes. Only a weekly close on Sunday above $120 would abort the long-term bearish view, the online publication adds.

In today’s trading, the Litecoin price stood at $94.87, as of 15:02 BST. The digital currency has lost 0.6% of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin currently has a total market capitalisation of $5.4 billion, which makes it the sixth-largest cryptocurrency on the market.

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