| 
June 11, 2023
Litecoin posts light gains on a low-volatility day, ranging between $76.54 – $78.42 and is now at $78.16.
With regards to technical trend indicators, chart analysis show 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. Analysis based on the asset volatility indicates that LTC's lower Bollinger Band® is at $77.5, indicating that the market is oversold and fertile for new buyers. Chart analysis indicates the nearest resistance level is at $85.57; if Litecoin breaks through, the next level is at $94.31. Support levels are at $71.78 and followed by $66.73 further down.
Overall, the technical outlook suggests Litecoin is likely to remain muted for the immediate future, with no clear-cut direction.
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 is down $0.014 from the beginning of the session and now trades around $0.261. EOS retreats 2.67% to trade around $0.677.
Approximately 3 months ago, LTC reached a significant high of $102.04 but has struggled to hold onto its gains and declined 24.22% since then. Litecoin is currently trading with a market cap of 5.72 billion with an average daily volume of 553.17 million.
