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May 11, 2023
Litecoin slides down from $81.05 to $80.16 today, losing $0.891 (1.1%).
Litecoin could begin to recover as it approaches significant support, now $1.05 away from $79.11. 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 200 day Simple Moving Average around $81.23 — typically an early indicator of a new bullish trend beginning to emerge. LTC's lower Bollinger Band® is at $78.21, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
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, EOS closed at $0.88 (down 3.59%). After ending today's session at $0.073, Dogecoin lost $0.002 and is trading around $0.071.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
LTC reached a significant high of $102.04 around 2 months ago but has lost 20.57% since then. LTC has a market cap of 5.84 billion with an average daily volume of 504.44 million.
