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March 11, 2023
Tentatively higher from an earlier low of $71.53, LTC is up to $72.79 today, adding $1.16, or 1.62%, to today's closing price of $71.63.
Trend-focused traders 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 Litecoin is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that LTC's lower Bollinger Band® is at $71.33, indicating that the market is oversold and fertile for new buyers. As the trading day commences, technical analysis suggests LTC could be slowing down soon; it is getting close to the resistance line and is now at $75.8, only $3 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, the technical outlook suggests LTC is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as FTX Token is up 9.54% to $1.36. Ethereum gained 2.6% and is now trading at $1,467. Bitcoin added 1.77% to its value, now trading at $20,562.
LTC is now trading 45.73% below the significant high of $132 it set around 11 months ago. Litecoin has a market cap of 5.27 billion with an average daily volume of 520.73 million.
