Litecoin trades at $56.3, after ending today at $56.4.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that LTC's upper Bollinger Band® is at $56.09, suggesting that a downward move may follow. As the day gets underway, chart analysis suggests Litecoin is approaching key support, around 55 cents away from $55.75. 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.
Notwithstanding Litecoin's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
At the same time, mixed performances are seen elsewhere as Ripple is up 1.68%.
Approximately 11 months ago, Litecoin reached a significant high of $277.93 but has struggled to hold onto its gains and declined 79.71% since then. Litecoin is currently trading with a market cap of 4 billion with an average daily volume of 24.44 million.