Litecoin cryptocurrency trades up $0.504, approximately 0.58% higher going into tomorrow

LTC spiked to $89.23 before dropping back to its pre-spike levels and is now heading towards the close around $87.67.

Litecoin made an initial breakout above its 5 day Simple Moving Average at $88.55, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Litecoin is oscillating around the key Fibonacci resistance level of $87.3. Despite this, LTC could be slowing down soon; it is getting close to the resistance line and is now at $89.23, only $1.56 away. Crossing the resistance line could, however, suggest that further gains are ahead.

Examining the technical analysis landscape, Litecoin might continue its downtrend in the short term.

Litecoin shows positive signs, other assets are also on par: FTX Token is up 9.54%. Bitcoin Cash rises 3.08% to trade around $229.76. MaticNetwork USD goes up 3.19% to trade around $0.665.

LTC is up 84.35% from the significant low of $47.28 it hit 11 months ago. Litecoin is currently trading with a market cap of 6.42 billion with an average daily volume of 481.17 million.