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June 28, 2023LTC is grinding lower from $87.93 to $82.84, shedding $5.09 (5.79%) today.
Litecoin made an initial break below its 200 day Simple Moving Average at $86.18, a possible indication of a forthcoming negative trend. LTC formed a session range of $82.13 to $87.93 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $87.3. LTC fell below the $87.1 support zone and moved $4.26 beyond it; the next level of support with significant buyer interest is estimated at $86.04.
In the short term, LTC is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, EOS closed at $0.67 (down 6.96%). After ending today's session at $0.066, Dogecoin lost $0.003 and is trading around $0.062.
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.
11 months ago, Litecoin fell to a low of $47.28 but has since recovered 85.97%. LTC has a market cap of 6 billion with an average daily volume of 481.17 million.
