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March 07, 2023
LTC remains range-bound within a $86.62 to $88.68 range but falls to $86.77 in choppy trade.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. After descending below strong Fibonacci support at $86.8, market bears have earmarked $82.6 as the next downside target. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $85.89, a low enough level to, generally, suggest that LTC is trading below its fair value. Technical chart analysis shows Litecoin could begin to recover as it approaches significant support, now 7 cents away from $86.84. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Litecoin is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Algorand USD closed at $0.221 (down 2.39%). EOS closed at $1.19 (down 1.44%).
Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.
This year has been a bright one for LTC after trading as low as $43.3 and going on to appreciate by 24.29% year to date. LTC is currently trading with a market cap of 6.28 billion with an average daily volume of 528.13 million.
