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Litecoin Completes 23.6% Fibo Retracement; Buy Now?

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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 August 24, 2023 | 2 min
Updated on Sep 03, 2023
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  • Litecoin rebounds to approximately $61, hitting 23.6% Fibonacci retracement at $66.85.
  • Bullish sentiment persists, aiming for $67 level and 38.2% Fibonacci retracement at $70.50.
  • RSI and MACD indicators in buying zone suggest potential for a corrective move.

As our attention turns to Litecoin for a thorough technical analysis, an important development has emerged on the horizon. Litecoin has successfully attained the 23.6% Fibonacci retracement level, positioned at $67.10. This accomplishment presents a noteworthy juncture, one that beckons us to ponder whether it signals the initiation of an impending upward movement. To glean a clearer understanding of the situation, let’s embark on a more comprehensive exploration of the factors at play.

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

Litecoin Price Prediction: Technical Outlook

The present-day value of Dogecoin stands at $0.063787 USD, accompanied by a 24-hour trading volume totaling $240,435,923 USD. Over the past 24 hours, Dogecoin has demonstrated a 0.28% increase. It currently holds the #8 position on the CoinMarketCap ranking, boasting a live market capitalization of $8,975,935,403 USD. The circulating supply comprises 140,717,276,384 DOGE coins, while the maximum supply remains undisclosed.

 

Analyzing the technical landscape of the cryptocurrency, we observe that Litecoin has successfully rebounded to around the $61 level, effectively achieving the 23.6% Fibonacci retracement at the $66.85 mark. At the moment, Litecoin’s position rests just below this threshold, and there is a potential for a modest corrective movement, likely remaining below the $67 level.

 

Nonetheless, the overall sentiment retains a somewhat bullish stance, driven by the expectation of Litecoin surpassing the $67 level. This aligns with the objective of reaching the 38.2% Fibonacci retracement level at $70.50, a notable resistance point.

 

Upon examining the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators, both indicators occupy positions within the buying zone. This observation indicates the potential for a corrective move. Additionally, the 50-day Exponential Moving Average (EMA), positioned around $63.85, exerts its influence. Litecoin’s ability to maintain its price above this level has generated optimism among investors regarding its future trajectory.

 

Considering these insights, it is recommended to closely monitor the $67 levels. Should candles close above this threshold, there’s potential for Litecoin’s price to propel toward $70.20, with an extended target of $73.25, reflecting the 50% Fibonacci retracement level. Conversely, the lower support spectrum is observed around the $63 levels, while the $61 level assumes significance as a substantial support level for Litecoin.

 

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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