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April 22, 2023Litecoin posts light gains on a low-volatility day, ranging between $85.03 – $86.39 and is now at $86.37.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action overcame a known Fibonacci resistance level at $86.11 by around $0.263 with prices hammering out a $85.03 – $86.39 session range. Analysis based on the asset volatility indicates that Litecoin's lower Bollinger Band® is at $84.03, indicating that the market is oversold and fertile for new buyers. Chart analysis indicates Litecoin could be slowing down soon as it approaches resistance at $89.17. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests Litecoin has no clear-cut direction.
LTC shows positive signs, other assets are also on par: FTX Token is up 9.54%. Ripple is up 2.63%. Binance Coin is up 2.02% to $327.96.
The past 6 months have been positive for Litecoin as it appreciated 66.64%, having traded as low as $43.3. LTC has a market cap of 6.28 billion with an average daily volume of 581.68 million.
