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Litecoin Holds Steady Above $63; Can the Double Bottom Support?

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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 21, 2023 | 2 min
Updated on Sep 21, 2023
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  • Litecoin’s technicals highlight a bounce from the crucial $63.40 support, accentuated by a double bottom pattern and an upward channel on the 4-hour chart.
  • Technical indicators like the 50-day EMA, RSI, and MACD are currently in sell zones, hinting at possible bearish tendencies unless Litecoin remains above the $63 marker.
  • For traders, the $63 level is pivotal today. A breach below this could steer Litecoin towards supports at $61.90 and the more robust $59.95 threshold.

In the ever-evolving world of cryptocurrencies, Litecoin stands out as it consistently showcases its resilience. Currently, Litecoin is maintaining its position, hovering just above the $63 mark. But as market analysts and enthusiasts keep a close eye on the charts, there’s increasing chatter about the formation of a ‘double bottom’ pattern. Could this technical indicator be the support that the coin needs in these uncertain times? This analysis delves into the potential impacts and future trajectory of this popular digital currency.

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

Litecoin Price Prediction: Technical Outlook

As of the latest update, Litecoin is trading at a price of $64.39, registering a 24-hour trading volume of approximately $370.39 million. Over the past day, Litecoin has experienced a decline of 3.05%. According to CoinMarketCap’s recent rankings, the coin holds the 15th position with a current market capitalization of roughly $4.74 billion. There are presently 73,676,570 LTC coins in circulation out of a maximum supply of 84,000,000 LTC.

 

Examining Litecoin’s technical landscape reveals a rebound from the pivotal $63.40 support level, further bolstered by the double bottom pattern. This level holds particular importance as it coincides with an upward channel visible on the 4-hour chart. The formation of candlesticks above this support hints at a possible bullish momentum for Litecoin, with a potential trajectory towards the resistance around the $66 mark. A decisive breach above this could propel Litecoin towards the subsequent resistance level of $68.

 

Conversely, multiple technical indicators, such as the 50-day Exponential Moving Average (EMA) and both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators, suggest potential bearish undertones as they currently linger in sell zones. However, for a stronger bearish sentiment to materialize, the coin would need to decisively dip below the $63 threshold.

 

In summary, today’s primary focus for traders should be the critical $63 level. A close below or a significant breach of this mark could drive the coin towards the next support at $61.90. Further down, the $59.95 level stands out as a significant defensive line for Litecoin.

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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