LTC weakened earlier in the day, before moving away from its $75.84 low and recovering back to $76.64.
A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. LTC made an initial break below its 5 day Simple Moving Average at $76.04, a possible indication of a forthcoming negative trend. On the other hand, note that Litecoin could begin to recover as it approaches significant support, now 95 cents away from $75.69. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts LTC to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the LTC is expected to attract significant bearish sentiment in the coming days.
Other assets are showing positive performances as having closed the previous session at $1.29, FTX Token is up 4.43% today to currently trade at around $1.35. Polkadot is up 3.52% to $5.59. Tezos USD gained 2.95% and is now trading at $1.03.
Since its 52-week high of $216.74, LTC has lost 64.22% over the last twelve months. LTC is currently trading with a market cap of 5.50 billion with an average daily volume of 113.14 million.