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May 12, 2023
As the current session draws to a close, LTC remains in the $77.85 – $81.27 range after dropping 3.55%.
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. Bollinger Bands® shows an indication of recovery: the lower band is at $76.51, a low enough level to, generally, suggest that LTC is trading below its fair value. Litecoin could begin to recover as it approaches significant support, now 17 cents away from $78.33. Dipping below could be an indication that further losses are ahead.
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, Bitcoin dips 3.61% to trade around $26,016. EOS is down $0.029 from the beginning of the session and now trades around $0.853.
Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.
Approximately 2 months ago, Litecoin reached a significant high of $102.04 but has struggled to hold onto its gains and declined 20.58% since then. LTC has a market cap of 5.70 billion with an average daily volume of 497.78 million.
