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Litecoin (LTC/USD) at $70.20: Awaiting Market Direction

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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 21, 2023 | 2 min
Updated on Dec 21, 2023
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  • Litecoin, currently trading at $70.17, is navigating a crucial phase in the market. The digital currency faces significant resistance at $72.95, a level that could dictate its short-term bullish potential. 
  • On the flip side, a support level at $65.72 stands as a critical threshold. If breached, it may lead to a deeper bearish correction. 
  • The Relative Strength Index (RSI), positioned at 38, signals a bearish sentiment in the current market conditions. 
  • Together, these indicators suggest that the market is leaning towards a bearish outlook, warranting a prudent approach for those invested in or considering an investment in LTC.

In the world of digital currencies, Litecoin (LTC/USD) continues to hold a significant position, currently ranking as the 18th largest cryptocurrency by market capitalization. As of December 21, LTC is trading at $70.17, with a 24-hour trading volume of $369,980,961, according to the latest data from CoinMarketCap. Despite a slight dip of 0.47% in the last 24 hours, Litecoin maintains a robust market presence, with a live market cap of $5,192,805,876 and a circulating supply of 74,000,758 LTC coins out of a maximum supply of 84,000,000.

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litecoin graph dec 21
LTC/USD Price Chart – Source: Tradingview

Litecoin Price Prediction: Technical Outlook

The current technical landscape of Litecoin presents a mixed picture. The coin is hovering around a pivot point of $68.45, with immediate resistance levels set at $72.95, $75.74, and $80.24. On the downside, support levels are established at $65.72, followed by stronger supports at $61.11 and $56.61. These key price levels are crucial indicators of Litecoin’s short-term trajectory and will likely influence investor decisions in the coming days.

The Relative Strength Index (RSI) for LTC is currently at 38, indicating a bearish sentiment in the market. This value, being below 50, suggests that the coin is neither overbought nor oversold, but leans towards bearish conditions. The Moving Average Convergence Divergence (MACD) shows a reading of -0.055610, which, when compared with the signal of -0.408373, indicates a potential downward momentum for LTC.

One of the most telling aspects of Litecoin’s current technical analysis is its position relative to the 50-Day Exponential Moving Average (EMA), which stands at $71.53. Currently trading below this level, Litecoin shows signs of a short-term bearish trend. The observed chart patterns, particularly an upward trendline breakout around the $71.85 level and subsequent closing below this mark, suggest the likelihood of a bearish correction in the near future.

Given these technical indicators, the overall trend for Litecoin appears to be bearish below the $71.85 level. However, the cryptocurrency market is known for its volatility and rapid shifts in momentum. Therefore, traders and investors should closely monitor these key levels and indicators, as a breakout above $71.85 could signal a change in trend, potentially leading LTC to test higher resistance levels.

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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