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Litecoin Dips Below $62.50 Triangle: Buy Opportunity?”

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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 12, 2023 | 2 min
Updated on Oct 15, 2023
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  • LTC trades at $61.22, down 2.57% in the past 24 hours, with a significant trading volume of $183.7 million.
  • The RSI stands at 37, suggesting a bearish sentiment, while the 50 EMA is at $66, indicating a short-term bearish trend.
  • A descending triangle breakout and a triple bottom breakout at $62.85 both signal a potential sell-off.

In a surprising move, Litecoin (LTC) has recently breached the $62.50 mark, breaking out of a previously established descending triangle. This decline has left many investors questioning whether this presents an ideal buying window. As market participants evaluate Litecoin’s trajectory and potential resurgence, this dip could potentially signify a prime opportunity for those looking to bolster their crypto portfolios. However, as with all investments, it’s essential to weigh the risks alongside the potential rewards

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

Litecoin Price Prediction: Technical Outlook

Litecoin (LTC), often regarded as the silver to Bitcoin’s gold, has recently encountered a notable price dip, moving below the $62.50 mark, stirring interest and inquiries among crypto enthusiasts. As of October 12, LTC is trading at a live price of $61.22, marking a 2.57% decrease in the past 24 hours. The current trading volume for the same period stands at approximately $183.7 million. Positioned 15th on the CoinMarketCap ranking, Litecoin boasts a live market capitalization of roughly $4.52 billion with 73,751,995 LTC in circulation, out of a maximum supply of 84 million coins.

 

From a technical standpoint, utilizing a 4-hour chart timeframe offers more granularity in understanding the price movement. Notably, the pivot point is currently at $62.87, which has seen a 0.55% decline during the Asian trading session. There are significant resistance levels to be wary of, with the first immediate resistance at $63.93, followed by $66.06, and the third pegged at $68.60. On the other hand, Litecoin’s immediate support is at $60.01, with subsequent support levels at $57.92 and $53.96 respectively.

 

Delving into technical indicators, the Relative Strength Index (RSI) currently sits at 37. Generally, an RSI value below 30 is considered oversold, while anything above 70 is deemed overbought. An RSI above 50 suggests a bullish sentiment, whereas anything below indicates a bearish sentiment. Another crucial indicator, the 50-day Exponential Moving Average (EMA), is valued at $66. In the context of price dynamics, the current Litecoin price below this EMA suggests a short-term bearish trend.

 

In analyzing chart patterns, we can observe a bearish engulfing candle at $61.50 and a descending triangle breakout. A triple bottom breakout at $62.85 also suggests a sell signal. In light of these patterns and indicators, the immediate outlook for Litecoin appears to be bearish below the $62 mark. However, in the unpredictable realm of cryptocurrencies, it’s always crucial to approach investments with caution, leveraging a combination of technical and fundamental analyses.

 

In conclusion, while the short-term sentiment for LTC appears bearish below $62, there’s always the potential for a turnaround based on broader market dynamics, news, and investor sentiment.

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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