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Litecoin (LTC) Dips to $69 Amid Selling Trend

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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 November 28, 2023 | 2 min
Updated on Nov 28, 2023
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  • Litecoin (LTC) trades at $68.96, under key resistance and 50 EMA, indicating a bearish trend.
  • Technicals suggest further downside with RSI and MACD hinting at selling pressure.
  • Chart pattern analysis reinforces bearish sentiment, with LTC needing to reclaim $70 to alter its course.

In the digital currency arena, Litecoin (LTC), one of the first altcoins to follow Bitcoin’s lead, is experiencing a downturn. Currently, the price of Litecoin stands at $68.96, marking a 2.56% drop in the last 24 hours. With its trading volume surpassing $285 million, Litecoin holds the 18th position on CoinMarketCap, backed by a market capitalization of just over $5 billion. While the cryptocurrency market is known for its volatility, Litecoin’s movement today is of particular interest to investors and analysts alike due to its established presence in the market and its limited max supply of 84 million coins, inching ever closer to its total supply limit

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

Litecoin Price Prediction: Technical Outlook

At a pivotal point of $66.12, LTC’s immediate resistance lies at $69.20, followed by stronger resistance levels at $73.08 and $76.21. These thresholds serve as key markers for Litecoin’s potential recovery or further descent. As the coin has slipped below its immediate resistance level, the focus now turns to whether it can muster the strength to climb back or if it will continue to face headwinds. On the downside, immediate support is set at $62.18, with further supports awaiting at $59.16 and $56.02. These levels are instrumental in propping up the price should selling pressures intensify.

The technical indicators reveal a more detailed story. The Relative Strength Index (RSI) sits at 41, which indicates that LTC is neither overbought nor oversold but does lean towards a bearish bias. This sentiment is further corroborated by the Moving Average Convergence Divergence (MACD), which currently shows a value of -0.227758, hovering below the signal line and hinting at potential bearish momentum.

Compounding the bearish outlook is the observation that Litecoin is trading below the 50-Day Exponential Moving Average (EMA) of $69.89, which typically suggests a bearish trend in the short term. Furthermore, the chart analysis illustrates a downward channel coupled with a bearish crossover of the 50 EMA, both reinforcing the selling trend.

In conclusion, LTCis facing a bearish phase below the $70 mark, and if the price fails to reclaim this level, the bearish outlook is likely to prevail. The near-term forecast indicates that LTC may attempt to test its resistance levels in the coming days. However, the current technical setup, characterized by the RSI, MACD, and EMA readings, along with the chart patterns, suggests that investors should brace for more bearish activity before any significant recovery can be expected.

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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