After hitting its highest point in 8 months at $95.81, LTC dropped by $1.65 and is now trading at $94.16.
Trend-following investors would be interested to note that investors are seeking long positions as Litecoin price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that LTC's upper Bollinger Band® is at $93.95 which indicates a further downward move may follow. Chart analysis indicates LTC could begin to recover as it approaches significant support, now $3 away from $91.16. Dipping below could be an indication that further losses are ahead.
Overall, while Litecoin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, Dogecoin closed at $0.088 (down 1.91%). Cardano is down to $0.39, losing $0.007, after closing at $0.397 in the preceding trading session.
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 managed to gain 34.82% so far this year despite trading at lows around $43.3 previously. LTC is currently trading with a market cap of 6.80 billion with an average daily volume of 91.50 million.