Advertiser disclaimer

Litecoin Bounces to $67; Targeting 38.2% Fibonacci?

author
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.
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 August 22, 2023 | 2 min
Updated on Sep 03, 2023
Advertiser disclaimer
  • Litecoin has rebounded to around the 61 levels, completing the 23.6% Fibonacci retracement at 66.85, positioning itself just below this point.
  • The 50-day Exponential Moving Average (EMA) at 63.85 also plays a significant role, with its retention above this level boosting investor optimism for Litecoin’s future direction.
  • Monitoring the 67 levels is advised. A potential candle closure above it could drive Litecoin towards 70.20, extending to 73.25, representing the 50% Fibonacci retracement level.

In a notable recovery, Litecoin has surged back to $67, indicating a potential upward trajectory. The cryptocurrency’s price movement is now drawing attention to the pivotal 38.2% Fibonacci retracement level. This development prompts speculation about Litecoin’s next move in the context of its recent price action.

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

Litecoin Price Prediction: Technical Outlook

Currently, the live price of Litecoin stands at $66.45, accompanied by a trading volume of $359,633,708 over the past 24 hours. Within this timeframe, the coin has displayed a positive movement of 1.22%. Positioned at the #14 rank on CoinMarketCap, its present market capitalization is valued at $4,888,742,439 USD. Notably, there are 73,567,783 LTC coins in circulation, while the maximum supply caps at 84,000,000 LTC coins.

 

Examining the technical landscape of the coin, the cryptocurrency has successfully rebounded to approximately the 61 level, effectively completing the 23.6% Fibonacci retracement at the 66.85 mark. At present, Litecoin’s position lies just below this threshold, and there exists a possibility of a modest corrective movement, potentially hovering below the 67 level.

 

However, the overall sentiment remains somewhat bullish, driven by the anticipation of the coin surpassing the 67 level. This projection aligns with the objective of reaching the 38.2% Fibonacci retracement level, positioned at 70.50, which serves as a notable resistance point.

 

Delving into the analysis of the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators, both indicators exhibit a position within the buying zone. This observation suggests the likelihood of a corrective move being pursued.

 

Furthermore, the 50-day Exponential Moving Average (EMA), situated around 63.85, asserts its influence. The ability of Litecoin’s price to hold above this level has instilled a sense of optimism among investors concerning its future trajectory.

 

In light of these insights, it’s advisable to monitor the 67 levels closely. The potential closure of candles above this threshold carries the potential to propel Litecoin’s price towards 70.20, with an extended target of 73.25, indicative of the 50% Fibonacci retracement level. Conversely, the lower spectrum of support is observed around the 63 levels, while the 61 level assumes the role of a significant support level for Litecoin.

 

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.
Other categories