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Litecoin Crosses Over $65 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 19, 2023 | 2 min
Updated on Sep 21, 2023
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  • Litecoin displays a strong bullish trend, notably breaking past the $66 double-top resistance and holding above the significant $66 support level, with potential eyes set on the $68.20 and $74 resistances.
  • Key technical indicators, including the 50-day EMA at $66.5, RSI, and MACD, all underscore the prevailing bullish sentiment in the LTC market.
  • Close monitoring of the pivotal $66 mark is crucial; maintaining above suggests bullish continuity, while a decline could hint at a bearish shift.

Litecoin, often referred to as the silver to Bitcoin’s gold, has recently showcased its resilience in the volatile cryptocurrency market. Breaking through the crucial $65 resistance level, this digital asset has stirred renewed interest among investors and traders alike. As the crypto space watches closely, the pivotal question arises: With this recent crossover, is there more upside in store for Litecoin? In this analysis, we’ll delve into the factors driving its price and explore the potential trajectory of this established altcoin.

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

Litecoin Price Prediction: Technical Outlook

Today’s live Litecoin price stands at $66.99, recording a trading volume of $438,514,613 over the past 24 hours. Over the last day, Litecoin has seen an increase of 3.09%. Currently, on CoinMarketCap’s ranking, Litecoin holds the #14 position, boasting a live market capitalization of $4,934,793,168 USD. There are 73,669,245 LTC coins in circulation out of a maximum supply of 84,000,000 LTC coins.

 

Examining the technicals of Litecoin, it is trading with a pronounced bullish bias, particularly after rebounding from the $63.25 support level. As evident on the 4-hour chart, Litecoin has broken through the double-top resistance that was previously established around the $66 mark. Furthermore, it has surpassed the $65 resistance level and is currently positioned just above the pivotal resistance-turned-support level at $66.

 

On the upside, Litecoin has the potential to target the next immediate resistance level of $68.20. A bullish break above this $68.20 mark could pave the way for the LTC price to reach $74. On the downside, Litecoin’s primary support lies around $66, and a bearish breach below this point could drive the LTC price towards $64.75. Additionally, the $63.20 level is anticipated to serve as a significant support barrier.

 

Observing other technical indicators, such as the 50-day exponential moving average (EMA), it is stationed around $66.5. Given that the current market price of LTC is above this average, it suggests a robust bullish trend. Additionally, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator are both signaling a buying zone, reinforcing the likelihood of a continued bullish stance.

In light of this, it’s prudent to monitor the $66 level closely. A sustained position above this threshold implies a potential continuation of the bullish trend, and conversely, a drop below could signal a bearish turn.

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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