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March 04, 2023
Trading lower, LTC is currently down $0.648 as it ranges between $89.96 and $90.72 so far today.
Trend-following investors would be interested to note 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. According to asset volatility analysis, LTC's lower Bollinger Band® is at $87.57, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows Litecoin could begin to recover as it approaches significant support, now $3.17 away from $86.79. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates LTC will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Other assets are showing positive performances as FTX Token is up 9.54%.
In addition, TRON trades with no major change, around $0.067.
This year has been a bright one for Litecoin after trading as low as $43.3 and going on to appreciate by 26.27% year to date. Litecoin has a market cap of 6.51 billion with an average daily volume of 553.83 million.
