Bearish LTC currently $1.58 lower after trading as low as $86.24

LTC drops from $88.37 to $86.79, losing $1.58 (1.78%) today.

Litecoin could begin to recover as it approaches significant support, now 58 cents away from $87.37. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, LTC peaked above its 10 day Simple Moving Average around $88.78 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $82.12, a low enough level to, generally, suggest that Litecoin is trading below its fair value.

Technical analysis indicates that Litecoin (currently on a downtrend) might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Bitcoin dips 3.53% to trade around $28,216. Cosmos USD draws back 4.89% to trade around $10.95.

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

The past 6 months have been positive for Litecoin as it appreciated 61.46%, having traded as low as $43.3. Litecoin has a market cap of 6.32 billion with an average daily volume of 586.45 million.