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Litecoin Ascends to $68.12, Eyeing Key Resistances

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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 January 30, 2024 | 2 min
Updated on Jan 30, 2024
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  • Litecoin records a slight increase to $68.12, with a positive outlook in market capitalization.
  • Key technical levels include pivot point at $67.85 and resistance at $68.96 and $70.40.
  • The upward trend in Litecoin’s price is supported by strong technical indicators and chart patterns.

 

In the ever-evolving landscape of daily crypto markets, Litecoin (LTC/USD) is manifesting a notable uptick in its trajectory. As of January 30, Litecoin’s price stands at $68.12, marking a subtle yet encouraging 0.46% rise over the last 24 hours. This positive shift in value has propelled LTC to the #19 position in the CoinMarketCap rankings, with a robust market capitalization of approximately $5.05 billion. The digital currency’s 24-hour trading volume has reached a substantial $278.6 million, reflecting the active interest and liquidity in the LTC market.

 

Litecoin’s circulating supply, a crucial factor in its valuation, currently encompasses over 74 million LTC coins, inching closer to its maximum supply limit of 84 million coins. This dynamic between the circulating and maximum supply often plays a pivotal role in influencing Litecoin’s price movements and overall market sentiment.

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

Litecoin Price Prediction: Technical Outlook

Technical analysis based on the 4-hour chart highlights key price levels that are essential for traders and investors. The pivot point for LTC is established at $67.85, indicating the immediate baseline for the asset’s price movement. Resistance levels are identified at $68.96, $70.40, and $72.63, each presenting potential thresholds where selling pressure might mount, challenging further upward progression. Conversely, the support levels are positioned at $66.73, $65.73, and $63.06, providing critical junctures where buying interest could materialize to stabilize price dips.

 

The Relative Strength Index for LTC/USD hovers at 56, suggesting a relatively balanced market without any significant overbought or oversold conditions. The MACD Indicator, with a value of 0.03 and a signal line at 0.29, indicates a potential for upward momentum, albeit not overwhelmingly strong.

 

A key observation in Litecoin’s chart is the upward channel pattern, which is currently suggesting a strong buying trend. Additionally, the 50% Fibonacci retracement level, extending support at $67.75, is a critical technical marker. This level is often watched by traders for potential reversal points in price trends.

 

Given these technical indicators and chart patterns, the overall trend for Litecoin appears to be cautiously bullish, especially if it maintains above the pivot point of $67.85. A breach above this point could signal the beginning of a stronger bullish phase, potentially propelling LTC/USD to test higher resistance levels.

 

In the short term, Litecoin’s price action is expected to test these resistance levels, particularly if the broader crypto market continues to exhibit positive sentiment. As always, market participants should closely monitor these developments and be prepared to adjust their strategies in response to shifting technical indicators and market conditions.

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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