After seven days of declines, Litecoin is up $0.6 today

After closing at $69.47 today, LTC began today at $69.47 with significant bullish sentiment driving LTC's price action higher. So far today, price action has drawn out a distinct $69.1 to $70.07 range.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates LTC is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, LTC's lower Bollinger Band® is at $67.8, indicating that the market is oversold and fertile for new buyers. As the day gets underway, chart analysis suggests Litecoin could be slowing down soon as it approaches resistance at $74.37. Of course, crossing it might suggest further gains are ahead.

All in all, the technical analysis suggests LTC has no clear-cut direction.

Other markets are also showing gains as FTX Token rallies 9.54% to trade around $1.36.

Meanwhile, UNICORN Token USD retreats 2.98% to trade around $6.43.

Having soared to a high of $132 approximately 11 months ago, LTC is now trading 47.37% lower. LTC has a market cap of 5 billion with an average daily volume of 543.57 million.