Mixed sentiment leads LTC cryptocurrency to trade sideways; establishes tight $86.42 to $88.3 range

Without a clear-cut direction, LTC is trading around $86.79 and ranging between $86.42 and $88.3.

Litecoin made an initial breakout above its 5 day Simple Moving Average at $87.79, a potential indicator of a newly emerging bullish phase. Litecoin's upper Bollinger Band® is at $101.65 and the lower is $82.58. Litecoin is approaching key support, around $2.18 away from $84.61. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite muted price action in Litecoin, chart analysis indicates it is positioned for a bullish run in the short term.

Other markets show mixed performance as FTX Token leaps up 9.54% to trade around $1.36. Bitcoin closed at $27,300 (down 0.99%). Cardano is down to $0.384, losing $0.005, after closing at $0.389 in the preceding trading session.

The past 6 months have been positive for Litecoin as it appreciated 56.96%, having traded as low as $43.3. LTC is currently trading with a market cap of 6.32 billion with an average daily volume of 564.52 million.