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February 23, 2023
After closing at $95.31 today, LTC opened today at $95.31, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, LTC retains a distinct $93.77 to $96.14 daily range.
Despite being in the red so far in the current trading session, Litecoin peaked above its 3 day Simple Moving Average around $97 — typically an early indicator of a new bullish trend beginning to emerge. LTC's lower Bollinger Band® is at $89.56, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. LTC could begin to recover as it approaches significant support, now $1.28 away from $93.21. Dipping below could be an indication that further losses are ahead. In contrast, price action remains constrained around the key Fibonacci level of $93.59 currently serving as support. If price action breaks below, the next Fib hurdle is $91.49.
Overall, looking at the technical analysis landscape, it seems LTC —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Tezos USD is down to $1.35, losing $0.083, after closing at $1.43 in the preceding trading session. After ending today's session at $1.21, EOS lost $0.035 and is trading around $1.17.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36.
Litecoin has gained 31.75% since its lowest print of $43.3 earlier this year. LTC has a market cap of 6.84 billion with an average daily volume of 418.78 million.
