LTC cryptocurrency trades up $2.24, approximately 2.63% higher this afternoon

After closing at $85.05 today, LTC began today at $85.05 with significant bullish sentiment driving LTC's price action higher. So far today, price action has drawn out a distinct $84.96 to $88.59 range.

Litecoin made an initial breakout above its 200 day Simple Moving Average at $85.79, a potential indicator of a newly emerging bullish phase. Litecoin formed a session range of $84.96 to $88.59 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $87.3. In contrast, Litecoin broke through the $87.9 resistance and climbed 61 cents above it.

Overall, looking at the technical analysis landscape, it seems LTC might continue pointing upwards in the short term.

Litecoin shows positive signs, other assets are also on par: FTX Token is up 9.54%. Cardano is up 5.77%. EOS is up 4.25%.

Approximately 4 months ago, LTC reached a significant high of $102.04 but has struggled to hold onto its gains and declined 16.65% since then. LTC has a market cap of 6.39 billion with an average daily volume of 529.79 million.