Bearish Litecoin currently $1.51 lower after trading as high as $85.96

Litecoin recovering almost all the way back to $85.96 today, after dipping down to $83.59.

Litecoin made an initial break below its 200 day Simple Moving Average at $83.29, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $85.34 by around $0.895 with prices hammering out a $83.59 – $85.96 range by session close. Despite this, Litecoin could begin to recover as it approaches significant support, now $1.22 away from $83.23. Dipping below could be an indication that further losses are ahead.

Looking forward, LTC is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.364, Cardano lost $0.008 and is trading around $0.356. UNICORN Token USD slumps 2.98% to trade around $6.43.

Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.

Over the past 3 months, LTC has retreated 15.76% from a noteworthy peak of $102.04. LTC is currently trading with a market cap of 6.16 billion with an average daily volume of 535.48 million.