LTC slides down from $89.92 to $88.06 today, losing $1.86 (2.06%).
Litecoin could begin to recover as it approaches significant support, now 32 cents away from $88.38. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Litecoin 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 $86.6, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, 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.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems LTC is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%). After ending today's session at $288.72, Binance Coin lost $4.42 and is trading around $284.3.
Other assets are showing positive performances as FTX Token is up 9.54%.
This year has been a bright one for Litecoin after trading as low as $43.3 and going on to appreciate by 25.23% year to date. Litecoin is currently trading with a market cap of 6.38 billion with an average daily volume of 538.34 million.