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June 01, 2023After ending today at $90.55, LTC ascended as high as $91.54 before meeting resistance. Undeterred, LTC posted a fresh rally late in the trading session targeting $91.33.
Although up today, early price action saw Litecoin dropping below its 10 day Simple Moving Average at $89.72 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $95.03, thereby suggesting that LTC is becoming overvalued. Litecoin could be slowing down soon as it approaches resistance at $92.06. Of course, crossing it might suggest further gains are ahead. In contrast, price action remains constrained around the key Fibonacci level of $91.65 currently serving as resistance
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest LTC is set for a reversal in the coming days.
Litecoin shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
At the same time, Cardano closed at $0.365 (down 2.58%). Ripple is down to $0.507, losing $0.009, after closing at $0.517 in the preceding trading session.
Litecoin hit a significant low of $43.3 around 11 months ago, but has since recovered 109.12%. Litecoin has a market cap of 6.67 billion with an average daily volume of 527.42 million.
