Bearish LTC currently $1.31 lower after trading as high as $78.1

Struggling to find upward momentum, LTC has shed $1.31 to currently trade at $76.11 as it ranges between $76.05 and $78.1 so far today.

Litecoin made an initial break below its 5 day Simple Moving Average at $76.92, a possible indication of a forthcoming negative trend. In contrast, LTC could begin to recover as it approaches significant support, now 36 cents away from $76.47. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Litecoin to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Litecoin is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.493, Ripple lost $0.018 and is trading around $0.475. After ending today's session at $0.629, EOS lost $0.021 and is trading around $0.607.

Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.

Having soared to a high of $102.04 approximately 4 months ago, Litecoin is now trading 24.13% lower. LTC has a market cap of 5.57 billion with an average daily volume of 519.68 million.