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June 26, 2023Litecoin is grinding lower from $88.13 to $87.08, shedding $1.05 (1.19%) today.
Litecoin could begin to recover as it approaches significant support, now 38 cents away from $86.7. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Litecoin peaked above its 5 day Simple Moving Average around $88.13 — typically an early indicator of a new bullish trend beginning to emerge. Despite this, Litecoin formed a session range of $86.74 to $88.71 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $87.3.
Technical analysis shows that LTC (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, Algorand USD closed at $0.132 (down 3.57%). EOS is trading around $0.707 (down $0.014).
Other assets are showing positive performances as FTX Token is up 9.54%.
LTC hit a significant low of $47.28 around 11 months ago, but has since recovered 86.4%. LTC has a market cap of 6.38 billion with an average daily volume of 533.65 million.
