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 Litecoin Dips to $69.70 Amid Market Correction

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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 January 16, 2024 | 2 min
Updated on Jan 16, 2024
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  • Litecoin faces a downtrend as it trades below the pivotal $70.20 mark, with a current valuation of $69.71.
  • Technical indicators suggest a neutral to bearish outlook, with key support levels awaiting any further decline.
  • Market watchers anticipate Litecoin’s next move as resistance levels loom overhead, presenting potential upside targets.

In the ever-evolving landscape of the cryptocurrency market, Litecoin, a peer-to-peer cryptocurrency, has made headlines with its recent price dip. At a current price of $69.71, Litecoin is down by 2.26% in the last 24 hours, according to the latest data. This decline, however, has not significantly dented Litecoin’s market capitalization, which remains robust at over $5 billion, underscoring its sustained relevance and the continued backing it receives from the investor community.

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

Litecoin Price Prediction: Technical Outlook

A closer look at the 4-hour trading chart presents a nuanced picture. The established pivot point stands at $69.30, a critical threshold that LTC is treading above, albeit narrowly. This pivot point acts as a barometer for market sentiment, delicately balancing on the cusp of bullish and bearish zones. Resistance levels are set higher at $77.57, $85.45, and $93.72, offering a glimmer of hope for a potential rebound and further gains should the market dynamics turn favorable. Conversely, should the downward pressure persist, the currency faces immediate support levels at $61.62, $53.35, and notably, $45.48, which could offer a soft landing for Litecoin’s price.

 

The technical indicators are somewhat ambivalent. The Relative Strength Index (RSI), sitting at 45, suggests a market in equilibrium, with no clear dominance from either buyers or sellers. The Moving Average Convergence Divergence (MACD), with a current value of -0.294, is marginally below the signal line at -0.248, hinting at the possibility of continued bearish momentum. This indicator warrants close attention from traders looking for signs of a potential shift in market direction.

 

Of particular note is Litecoin’s position relative to the 50-day Exponential Moving Average (EMA) of $70.18. The currency’s current trading price below this moving average is indicative of bearish sentiment, with the $70.20 pivot area emerging as a critical juncture that could determine the short-term price trajectory. If the coin can muster the strength to climb above this pivot point, it could signal the initiation of an uptrend.

 

In summing up the current state of affairs for Litecoin, the bearish trend below the $70.20 mark looms large. The market’s inherent volatility, coupled with economic, regulatory, and technological developments, means that predictions are invariably tinged with uncertainty. In the coming days, investors and market analysts alike will be keenly observing whether Litecoin can stage a comeback or whether it will continue to face downward pressure. The impending movements of Litecoin will not only be a test of market sentiment but also an indicator of the cryptocurrency’s resilience in an increasingly competitive digital asset space.

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.
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