Without a clear-cut direction, LTC is trading around $52.5 and ranging between $52.43 and $53.
Litecoin made an initial break below its 21 day Simple Moving Average at $52.48, a possible indication of a forthcoming negative trend. Litecoin's upper Bollinger Band® is at $54.15, suggesting that a downward move may follow. In contrast, Litecoin is approaching key support, around 57 cents away from $51.92. 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 the market lacking direction, technical chart analysis strongly suggests LTC is positioned for a downward move in the near term.
While LTC is pretty flat so far today, mixed performances are seen elsewhere as after ending today's session at $0.454, Ripple lost $0.006 and is trading around $0.447.
Litecoin reached a significant high of $277.93 around 11 months ago but has lost 81.09% since then. LTC is currently trading with a market cap of 3.75 billion with an average daily volume of 24 million.