Litecoin drops from $75.44 to $73.4, losing $2.04 (2.7%) today.
With regards to technical trend indicators, chart analysis show 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, Litecoin's lower Bollinger Band® is at $73.35, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates Litecoin could begin to recover as it approaches significant support, now 10 cents away from $73.3. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests LTC has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Bitcoin closed at $17,434 (down 2.15%). Ethereum closed at $1,272 (down 2.86%). Binance Coin decreases 2.13% to trade around $262.28.
LTC is now trading 54.49% below the significant high of $165.75 it set around 11 months ago. Litecoin has a market cap of 5.27 billion with an average daily volume of 97.40 million.