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Litecoin Crosses Over $60 Resistance; More Upside Ahead?

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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 14, 2023 | 2 min
Updated on Sep 18, 2023
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  • Litecoin, a leading cryptocurrency, has successfully navigated past the pivotal $60 resistance, once identified as a double-top barrier.
  • LTC’s immediate support stands at $61.75, a level that formerly acted as resistance.
  • Maintaining a close above this mark suggests a bullish trajectory, potentially leading the coin towards resistances at $64 and $64.60.

Litecoin, often referred to as the silver to Bitcoin’s gold, has recently exhibited significant bullish momentum by surpassing the critical $60 resistance level. This noteworthy ascent has caught the attention of both seasoned traders and newcomers alike, sparking discussions about the potential for further upside. As various market indicators align and global interest in cryptocurrencies remains robust, the question arises: Does Litecoin’s recent move signal more gains on the horizon?

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

Litecoin Price Prediction: Technical Outlook

Today’s Litecoin price stands at $62.34, backed by a 24-hour trading volume of $259,709,824. With a rise of 2.70% in the past 24 hours, Litecoin’s momentum is evident. It currently ranks #15 on CoinMarketCap, boasting a live market capitalization of $4,591,226,701 USD. Presently, there are 73,651,689 LTC coins in circulation out of a maximum supply of 84,000,000 LTC coins.

 

One of the foremost cryptocurrencies, the LTC/USD, has successfully breached the significant resistance level of $60, a point which previously manifested as a double-top barrier. This level is further accentuated by a downward trend line observable on the four-hour timeframe. Presently, on this same timeframe, Litecoin has already surpassed the downward trend, and this line has now transitioned into a supportive role for LTC.

 

Currently, Litecoin finds its immediate support at the $61.75 mark. Intriguingly, this was once a resistance level, now serving as a base for LTC. A consistent close above this threshold indicates a robust bullish momentum, heightening the likelihood of the coin advancing past the immediate resistance of $63. Subsequently, the next resistance benchmarks are set at $64 and $64.60.

 

Prominent technical indicators, like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), remain in the bullish zone. This suggests that investors might be inclined to adopt long positions. Concurrently, the 50-day Exponential Moving Average (EMA) underpins LTC at the $60.55 level. With Litecoin’s price currently above this mark, it further signals a prevailing bullish sentiment in the market.

 

The strategic insight for today is to closely monitor the $61.75 level. A sustained close above it could present a prime buying opportunity for Litecoin. In contrast, a decline below this point could provide a shorting opportunity, targeting $60.65 and potentially even $59.75.

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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