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Litecoin Lingers at $73.35 Amidst Market Speculation

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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 December 12, 2023 | 2 min
Updated on Dec 12, 2023
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  • Litecoin’s market cap holds strong at $5.42 billion with a current price of $73.35, despite slight market downturns.
  • Technical indicators suggest a bearish trend with potential for reversal, as RSI hovers below 50 and MACD nears the signal line.
  • A pivotal upward trendline support at $71.85 could determine Litecoin’s capacity to overcome immediate resistance levels.

As the cryptocurrency market continues to ride the waves of volatility, Litecoin (LTC/USD) has settled at $73.35, with the trading volume over the last 24 hours reaching $447 million. Despite a minor dip of 0.81%, LTC maintains its position as the 17th largest cryptocurrency by market capitalization, currently valued at over $5.42 billion. The asset’s circulating supply is nearing its maximum, with approximately 74 million LTC in circulation out of a potential 84 million.

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litecoin dec 12
LTC/USD Price Chart – Source: Tradingview

Litecoin Price Prediction: Technical Outlook

In analyzing the 4-hour chart, Litecoin’s pivotal price levels come into focus. The pivot point stands at $72.40, forming the foundation for potential price movements. If bulls gather momentum, the immediate resistance level at $75.98 presents the first challenge, followed by subsequent resistances at $80.68 and $84.33. Conversely, should bearish pressure prevail, LTC could seek support at $67.63, with further cushions at $63.98 and $60.40.

The Relative Strength Index (RSI) of 39 signals that the coin is in neither oversold nor overbought territory, suggesting a possible consolidation or indecision in market sentiment. The Moving Average Convergence Divergence (MACD) further paints a picture of the current market mood with a value of -0.570003. Interestingly, the MACD line is inching closer to the signal line, hinting at a potential shift in momentum if bullish traders take control.

Another key technical indicator, the 50-Day Exponential Moving Average (EMA), stands at $74.36, slightly above Litecoin’s current price. This suggests a bearish trend in the short term, yet it is essential to monitor this closely as a breakout above the 50 EMA could signal a change in trend.

Chart patterns reveal an upward trendline providing support at $71.85, a critical juncture for Litecoin. This support level is instrumental; maintaining above it could indicate that the coin is poised for a bullish trend. A break below could see the cryptocurrency succumb to bearish forces.

In summary, the technical outlook for Litecoin is cautiously optimistic. With the current market dynamics, the potential for upward momentum is contingent on maintaining support above $71.85. If this level holds, we may expect Litecoin to challenge the immediate resistance at $75.98 in the short term. The intersection of the RSI and MACD with the pivotal 50 EMA and the observed chart patterns will likely be the key factors influencing Litecoin’s trajectory as the market seeks direction amidst a blend of speculation and strategic trading.

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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