LTC is range-bound between $95.82 and $99.37 today after shedding $2.65 and closing at $99.3 today.
Litecoin made an initial break below its 10 day Simple Moving Average at $97.14, a possible indication of a forthcoming negative trend. Despite this, LTC could begin to recover as it approaches significant support, now 6 cents away from $96.59. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Litecoin is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other markets, NEAR Protocol is down to $2.51, losing $0.131, after closing at $2.64 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36. Chainlink USD is up 6.67%.
Litecoin has gained 39.95% since its lowest print of $43.3 earlier this year. Litecoin is currently trading with a market cap of 6.98 billion with an average daily volume of 80.23 million.