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Litecoin Holds Firm Around $65; Today’s Brief 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 August 30, 2023 | 2 min
Updated on Sep 03, 2023
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  • Litecoin has impressively rallied to approximately $61, approaching the 23.6% Fibonacci retracement level at $66.85, with potential indicators suggesting a minor pullback below $67.
  • Key technical indicators, RSI and MACD, hint at a prospective correction, while the 50-day EMA around $63.85 signifies Litecoin’s robust positioning, further buoying market confidence.
  • As the U.S. Consumer Confidence data looms today, keeping an eye on the critical $67 level is essential; surpassing this could usher in a rise towards $70.20 and possibly $73.25, aligned with the 50% Fibonacci retracement.

In the ever-evolving landscape of cryptocurrencies, Litecoin remains a stalwart presence. As of today, it has managed to sustain its position around the $65 mark, showcasing resilience in an often tumultuous market. This brief analysis aims to shed light on the current dynamics and potential trajectories for Litecoin, helping investors navigate the intricacies of its performance and what might lie ahead.

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

Litecoin Price Prediction: Technical Outlook

Today, Litecoin is trading at $65.17, recording a trading volume of $231,833,461 over the past 24 hours. With a 1.28% increase since yesterday, the LTC currently stands at the #15 spot on CoinMarketCap. Its current market capitalization is $4,795,987,759 USD. Out of the maximum supply of 84,000,000 LTC coins, there are currently 73,593,514 LTC coins in circulation.

 

The advanced technical panorama of Litecoin, it’s evident that the cryptocurrency has made an impressive rally to approximately $61, seamlessly touching the 23.6% Fibonacci retracement level at $66.85. Currently, the coin hovers slightly beneath this mark, with potential for a subtle pullback, likely capped beneath the $67 mark.

Despite this potential pullback, the overarching market sentiment remains tilted towards bullishness, fueled by anticipations of the coin breaching the $67 level, aligning with the aspiration to reach the 38.2% Fibonacci retracement pinnacle at $70.50—a significant resistance juncture.

 

The technical indicators, specifically the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), are comfortably nestled in the buying territory, highlighting the possibility of an upcoming correction. Furthermore, the 50-day Exponential Moving Average (EMA), stationed at approximately $63.85, plays a pivotal role. The currency’s resilience in sustaining its value above this EMA has ignited a sense of confidence among market participants about Litecoin’s prospective path.

 

In light of these observations and with the U.S. Consumer Confidence data (expected at 116.0 against the previous 117.0) set to release at 14:00 USD today, it becomes imperative to keep a vigilant eye on the $67 level. If the price manages to settle above this mark, we could see Litecoin’s trajectory push towards $70.20 and potentially extend to $73.25, aligning with the 50% Fibonacci retracement. On the downside, immediate support appears to form around the $63 mark, whereas the $61 demarcation emerges as a critical cushion for Litecoin.

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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