LTC dips $6.2 following previous session close at $91.65

LTC is consolidating around the $85.45 level after dropping $6.2 at the start of the trading session.

Litecoin fell below the $90.06 support zone and moved $4.61 beyond it; the next level of support with significant buyer interest is estimated at $89.32. Litecoin made an initial break below its 50 day Simple Moving Average at $89.49, a possible indication of a forthcoming negative trend. Litecoin formed a session range of $85.12 to $91.78 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $85.34.

In the short term, Litecoin is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Bitcoin is down to $26,278, losing $941.34, after closing at $27,219 in the preceding trading session. Bitcoin Cash closed at $111.69 (down 3.45%).

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Litecoin hit a significant low of $43.3 around 11 months ago, but has since recovered 111.67%. Litecoin has a market cap of 6.24 billion with an average daily volume of 521.42 million.