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Litecoin Bounce-off Above $61; Time to Buy?

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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 October 10, 2023 | 2 min
Updated on Oct 10, 2023
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  • Litecoin (LTC/USD) has experienced a notable bounce from the critical support level of $61.50, currently trading around $63.30.
  • A closer examination of the 4-hour chart reveals key price levels that traders should keep an eye on. The pivot point at $65.61 serves as a pivotal reference point.
  • Immediate resistance levels include $68.25, $71.04, and $73.67, while immediate support levels are found at $62.79, followed by $60.15 and $57.32.

Litecoin, represented as LTC/USD, has seen notable price action as it recently bounced off a key level, namely $61.50. As of the time of this analysis, Litecoin is trading at approximately $63.30, reflecting a 2.87% decrease in the last 24 hours. This development prompts consideration of potential buying opportunities within the LTC/USD market.

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

Litecoin Price Prediction: Technical Outlook

Examining market data, Litecoin currently occupies the 15th position on CoinMarketCap, showcasing a live market cap of $4,668,087,648. With a circulating supply of 73,744,664 LTC coins and a maximum supply of 84,000,000 LTC coins, Litecoin maintains a significant presence in the cryptocurrency landscape. The 24-hour trading volume for LTC stands at approximately $237,000,927.

 

Taking a closer look at the 4-hour chart timeframe, we can identify key price levels that warrant attention from Litecoin traders. The pivot point is situated at $65.61, serving as a reference point for potential price movements. Immediate resistance levels include $68.25, followed by $71.04 and $73.67. On the support side, immediate levels are observed at $62.79, with subsequent support at $60.15 and $57.32. These levels serve as crucial areas where price action may encounter resistance or support.

 

Turning to technical indicators, the Relative Strength Index (RSI) currently registers at 34.97. This reading indicates a relatively neutral sentiment in the market. However, with the RSI value below 50, there is a leaning toward bearish sentiment, implying potential downward momentum. The Moving Average Convergence Divergence (MACD) reveals a value of -0.208727, with the signal line at -0.578644. The MACD line is positioned below the signal line, indicating potential downward momentum.

 

The 50-Day Exponential Moving Average (50 EMA) is valued at $64.91, suggesting a short-term bearish trend since the current Litecoin price is below the 50 EMA. Regarding chart patterns, Litecoin shows the presence of a Doji and hammer candle above the $61.50 level, suggesting the possibility of a buying trend.

In conclusion, the overall trend for Litecoin appears bullish, especially above the $61.50 level. Traders should closely monitor this key level for potential buying opportunities in the coming days as Litecoin navigates its current market dynamics.

Stay tuned for more updates!

author
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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