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April 19, 2023
Litecoin is sharply lower after losing $8.46, declining as low as $93.32.
Technical analysis of Litecoin's past price action reveals multiple support and resistance levels: Litecoin could begin to recover as it approaches significant support, now $5.16 away from $98.48. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that Litecoin made an initial break below its 21 day Simple Moving Average at $93.98, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $97.16 serving as intraday support. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $87.62, a low enough level to, generally, suggest that LTC is trading below its fair value.
All in all, the technical analysis suggests LTC has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.22, EOS lost $0.102 and is trading around $1.12. Ripple drops 7.3% to trade around $0.494. Algorand USD closed at $0.203 (down 8.65%).
Litecoin has gained 42.14% since its lowest print of $43.3 earlier this year. LTC is currently trading with a market cap of 6.79 billion with an average daily volume of 544.24 million.
