Currently trading at $79.21, LTC remains range-bound between $74.85 and $79.22.
Despite posting gains so far today, Litecoin slid below its 21 day Simple Moving Average at $76.05 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $80.56, thereby suggesting that LTC is becoming overvalued. Despite this, LTC broke through the $77.45 resistance and climbed above it $1.76; next resistance level is at $78.67.
Examining the technical analysis landscape, LTC is likely to reverse course and start pointing downward in the short term.
Litecoin shows positive signs, other assets are also on par: Bitcoin gained 3.97% and is now trading at $17,900. Ethereum climbs 4.88% to trade around $1,338.46.
Meanwhile, FTX Token is trading around $1.39 (down $0.095).
Litecoin is now trading 53.95% below the significant high of $165.75 it set around 11 months ago. LTC has a market cap of 5.69 billion with an average daily volume of 112.20 million.