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May 22, 2023
LTC weakened earlier in the day, before moving away from its $90.36 low and recovering back to $91.06.
Litecoin made an initial break below its 5 day Simple Moving Average at $92.06, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $91.65 by around $0.597 with prices hammering out a $90.36 – $92.65 range by session close. Litecoin's upper Bollinger Band® is at $96.58 which indicates a further downward move may follow. On the other hand, note that Litecoin could begin to recover as it approaches significant support, now 9 cents away from $91.15. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts LTC to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the LTC is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36. TRON soars 4.56% to trade around $0.078.
The past 6 months have been positive for LTC as it appreciated 49.73%, having traded as low as $43.3. Litecoin has a market cap of 6.65 billion with an average daily volume of 526.47 million.
