A mostly flat day so far for LTC, ranging between $51.52 and $52.15; currently at $51.68.
Litecoin made an initial breakout above its 10 day Simple Moving Average at $51.95, a potential indicator of a newly emerging bullish phase. Litecoin's upper Bollinger band is at $55.23 and the lower is $50.15. LTC is approaching key support, around 46 cents away from $51.21. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Litecoin, chart analysis indicates it is positioned for a bullish run in the short term.
Other markets show mixed performance as Ripple slumps 2.06% to trade around $0.471. Cardano closed at $0.366 (down 1.97%). FTX Token is trading around $23.72 (down $0.429).
11 months ago LTC reached a significant high of $277.93 but has consequently lost 81.33% since then. Litecoin is currently trading with a market cap of 3.69 billion with an average daily volume of 27.67 million.