Bearish Litecoin currently $0.971 lower after trading as low as $88.56

In a range-bound session favoring short positions, LTC remains constrained in a $88.56 to $90.66 range and is currently trading close to $89.41.

Chart analysis suggests Litecoin could begin to recover as it approaches significant support, now $2.63 away from $86.77. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that LTC made an initial break below its 50 day Simple Moving Average at $88.59, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Litecoin's lower Bollinger Band® is at $85.84, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, the technical outlook suggests LTC is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Ripple slides down 2.22% to trade around $0.466.

Positive performances can be seen by looking at other markets as FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $318.4, Binance Coin is up 2.79% today to currently trade at around $327.29.

The past 6 months have been positive for Litecoin as it appreciated 70.15%, having traded as low as $43.3. LTC has a market cap of 6.50 billion with an average daily volume of 574.74 million.