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Litecoin Eyes $80 Mark: LTC/USD Technical Analysis

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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 31, 2023 | 2 min
Updated on Oct 31, 2023
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  • Litecoin’s current price stands at $68.88, marking an increase of 0.93% in the last 24 hours.
  • Technical indicators such as RSI and MACD suggest a bullish sentiment for LTC.
  • With support from the 50 EMA, Litecoin might test the $76.57 resistance soon.

As October comes to an end, the cryptocurrency market continues to present investors with a mix of optimism and caution. Among the prominent players, Litecoin (LTC) exhibits a potential for significant price movement, and traders are watching closely.

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

Litecoin Price Prediction: Technical Outlook

The live Litecoin price as of October 31 stands at a promising $68.88, marking an upward movement of 0.93% over the last 24 hours. This shift is backed by a 24-hour trading volume of $257.921 billion, underscoring the active interest in the coin. When it comes to its placement in the vast crypto arena, the LTC/USD pair holds the 17th position on CoinMarketCap’s ranking. With a current market capitalization of approximately $5.085 billion, the coin demonstrates its standing as a considerable asset in the crypto domain. Delving into its supply specifics, there’s a circulating supply of 73.82 million LTC coins out of a maximum possible supply of 84 million LTC coins.

 

On the technical front, the 4-hour chart timeframe provides a comprehensive view of Litecoin’s price dynamics. The pivot point for LTC stands firm at $68.80. This metric is crucial as it acts as the line of demarcation for bullish and bearish territories. Speaking of resistance levels, LTC faces its immediate hurdle at $72.69. Should it successfully breach this, the subsequent resistances stand at $76.57 and then a more ambitious $80.51. Conversely, if a downward momentum takes hold, the immediate support level to watch would be $64.96, followed by $61.03 and then $57.18.

 

The Relative Strength Index (RSI), a pivotal momentum oscillator, currently pegs Litecoin at 54. Traditionally, an RSI value above 70 is considered overbought, while anything below 30 is deemed oversold. With Litecoin’s RSI hovering above 50, it suggests a bullish sentiment among traders.

 

Another key technical indicator, the Moving Average Convergence Divergence (MACD), showcases a potential upward momentum. This is inferred from the MACD line positioning itself above the signal line. Notably, the 50-Day Exponential Moving Average (50 EMA) for LTC is $67.81, and with the price being above this mark, it emphasizes a short-term bullish trend.

 

Furthermore, the chart patterns reveal the 50 EMA acting as a supportive force for Litecoin’s upward trajectory. This, combined with other indicators, suggests that the coin might be on the brink of a bullish breakout.

 

In conclusion, the overall trend for LTC is bullish, especially if it sustains above the $68.80 mark. With the amalgamation of technical indicators pointing towards a positive direction and the 50 EMA backing the coin’s upward move, the short-term forecast anticipates Litecoin testing the resistance at $76.57 in the coming days. As always, traders should exercise caution and use these analyses in conjunction with their research.

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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