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May 31, 2023LTC falls to $89.36, following mixed behavior today as it ranges between $88.85 and $92.59.
Litecoin made an initial break below its 3 day Simple Moving Average at $91.19, a possible indication of a forthcoming negative trend. LTC formed a session range of $88.85 to $92.59 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $91.65. On the other hand, note that Litecoin could begin to recover as it approaches significant support, now $1.46 away from $90.83. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Litecoin is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other markets, EOS closed at $0.885 (down 3%). Bitcoin draws back 1.96% to trade around $27,164.
Positive performances can be seen by looking at other markets 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 29.76% year to date. Litecoin has a market cap of 6.53 billion with an average daily volume of 528.84 million.
