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March 06, 2023
LTC slides down from $89.92 to $89.08 today, losing $0.838 (0.93%).
Litecoin could begin to recover as it approaches significant support, now 6 cents away from $89.03. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, LTC peaked above its 3 day Simple Moving Average around $90.24 — typically an early indicator of a new bullish trend beginning to emerge. Litecoin's lower Bollinger Band® is at $87, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. On the other hand, note that price action remains constrained around the key Fibonacci level of $89.4 currently serving as support. If price action breaks below, the next Fib hurdle is $86.8.
Technical analysis indicates that Litecoin's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43. Algorand USD closed at $0.223 (down 1.75%).
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
This year has been a bright one for Litecoin after trading as low as $43.3 and going on to appreciate by 27.19% year to date. Litecoin is currently trading with a market cap of 6.45 billion with an average daily volume of 538.48 million.
