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March 03, 2023
Litecoin is consolidating around the $89 level after dropping $6.32 at the start of the trading session.
Litecoin made an initial break below its 50 day Simple Moving Average at $92.85, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $86.8 currently serving as support. If price action breaks below, the next Fib hurdle is $82.6. Despite this, Litecoin's lower Bollinger Band® is at $87.86, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Litecoin bounced after reaching the $86.41 support zone, climbing $2.57 above it.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for LTC.
In the meantime, negative performances are also seen in other markets, Bitcoin is down to $22,400, losing $1,079.35, after closing at $23,479 in the preceding trading session. After ending today's session at $0.081, Dogecoin lost $0.005 and is trading around $0.076.
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36.
This year has been a bright one for Litecoin after trading as low as $43.3 and going on to appreciate by 34.54% year to date. Litecoin is currently trading with a market cap of 6.44 billion with an average daily volume of 552.46 million.
