Losing streak continues: LTC down $2.19 to $74.59 adding to its six days of losses

Litecoin is grinding lower from $76.78 to $74.59, shedding $2.19 (2.85%) today.

Trend-following investors would be interested to note 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. According to momentum evaluation, the Relative Strength Index indicates Litecoin is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $75.85, a low enough level to, generally, suggest that Litecoin is trading below its fair value. Analysis of Litecoin's recent price action suggests although LTC is pointing down today (was as low as $74.43), it's climbing away from the $72.31 support line and is now $2.28 above it.

With market volatility ebbing, the current technical outlook indicates Litecoin will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Bitcoin is trading around $19,900 (down $455.52). Binance Coin is down to $272.39, losing $4.53, after closing at $276.92 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36.

Litecoin reached a significant high of $132 around 11 months ago but has lost 41.83% since then. LTC has a market cap of 5.40 billion with an average daily volume of 502.54 million.