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April 23, 2023
After closing at $87.11 today, LTC opened today at $87.11, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, LTC retains a distinct $86.07 to $87.12 daily range.
Despite being in the red so far in the current trading session, Litecoin peaked above its 3 day Simple Moving Average around $87.26 — typically an early indicator of a new bullish trend beginning to emerge. LTC's lower Bollinger Band® is at $83.38, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. LTC could begin to recover as it approaches significant support, now $1.38 away from $85.28. Dipping below could be an indication that further losses are ahead. On the other hand, note that Litecoin is currently flirting with an active Fibonacci support level around $86.11.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems LTC is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Ripple is trading around $0.467 (down $0.005). Cardano descends 1.18% to trade around $0.391.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
The past 6 months have been positive for LTC as it appreciated 63.03%, having traded as low as $43.3. Litecoin is currently trading with a market cap of 6.31 billion with an average daily volume of 582.47 million.
