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February 24, 2023
After a mostly steady day, LTC loses $2.98 late into the session, trading at $91.62.
Following today's trading session, chart analysis suggests Litecoin is currently alternating around $94.02 with price action moving above and below this key level throughout the session. Concerning technical analysis and more specifically, trend indicators, LTC made an initial break below its 50 day Simple Moving Average at $90.86, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $91.49 currently serving as support. If price action breaks below, the next Fib hurdle is $89.4. According to asset volatility analysis, LTC's lower Bollinger Band® is at $89.18, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates LTC will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.34, Tezos USD lost $0.108 and is trading around $1.24. After ending today's session at $1.18, EOS lost $0.058 and is trading around $1.12.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
Litecoin has gained 32.97% since its lowest print of $43.3 earlier this year. Litecoin has a market cap of 6.63 billion with an average daily volume of 416.86 million.
