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Facing Downward Resistance at $60: Litecoin’s Next Move?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on September 12, 2023 | 2 min
Updated on Sep 12, 2023
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  • On the four-hour chart, Litecoin shows resilience, bouncing off the $58 support but faces strong resistance at the $60 level, influenced by the 58-day EMA.
  • A descending trend line might cap gains around $61.75. If Litecoin stays below this, it might target the crucial $58 support, with further declines eyeing $56 and $54.
  • Conversely, should Litecoin surpass the $61.75 barrier, it could aim for the $64.95 resistance — a notable double-top pattern.

In the ever-fluctuating world of cryptocurrencies, Litecoin faces its own set of challenges. As it currently grapples with a downward resistance at the $60 mark, traders and investors alike are left pondering the coin’s next potential move. Historically viewed as the silver to Bitcoin’s gold, Litecoin’s recent price behavior has sparked debates about its short-term trajectory. Will it break through the looming barrier, or is a retreat in the cards? Delving deeper into its technical charts and market sentiment might provide some clarity on the path ahead for this seasoned altcoin.

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LTC/USD Price Chart
LTC/USD Price Chart – Source: Tradingview

Litecoin Price Prediction: Technical Outlook

Today, Litecoin’s current price stands at $63.10, with a daily trading volume reaching $231,856,820. Over the past 24 hours, the coin has seen a 0.42% increase. According to CoinMarketCap, it ranks 15th in terms of market capitalization, which is currently valued at $4,645,599,415 USD. Out of a maximum supply of 84,000,000 LTC coins, 73,626,027 LTC are currently in circulation.

 

Examining the four-hour timeframe, Litecoin has rebounded from the support level at $58. However, it is currently encountering significant resistance around the $60 mark, amplified by the 58-day exponential moving average. The chart reveals that the coin has formed bullish candles, yet it has struggled to penetrate the 50-day exponential moving average, restricting its upward momentum.

 

Simultaneously, when assessing the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator, both appear to be in the sell zone, suggesting the possibility of an ongoing bearish trend. Furthermore, a downward trend line is expected to limit Litecoin’s upward movement around the $61.75 mark. As long as LTC remains below this threshold, it could aim for the significant support level at $58, which represents a bullish breakpoint. Failing to maintain this level might drive the LTC price down to the subsequent support levels at $56 and $54.

 

On the other hand, if Litecoin successfully breaches the $61.75 resistance, the next significant target would be the $64.95 mark, which presents itself as a double top pattern on a bullish crossover. A surge past this could potentially propel the LTC price towards the $68 level.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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