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Litecoin (LTC/USD): Bearish Below $69.89 Amidst Market Volatility

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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 January 23, 2024 | 2 min
Updated on Jan 23, 2024
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  • Litecoin struggles at $67.68, down 5.93%, indicating bearish market sentiment.
  • Key resistance and support levels at $70.18/$74.23/$76.78 and $63.65/$61.03/$58.55, respectively.
  • Bearish trend below the 50-Day EMA at $69.89, influenced by RSI and MACD readings.

Litecoin (LTC/USD) continues to navigate through challenging market conditions, currently priced at $67.68. This represents a 5.93% decline in the last 24 hours, bringing its market capitalization to approximately $5.01 billion, placing it as the 18th largest cryptocurrency. The volume of trade over the same period has been notable, with over $460 million changing hands.

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

Litecoin Price Prediction: Technical Outlook

The 4-hour technical chart points to a pivot at $67.63, indicating a crucial point for Litecoin’s price direction. Resistance is evident at levels of $70.18, $74.23, and $76.78. Surpassing these barriers could signal an upward trend. However, LTC faces immediate support at $63.65, and further support at $61.03 and $58.55. These levels are crucial in preventing any further decline in its value.

 

The Relative Strength Index (RSI) for the coin stands at 39, suggesting a bearish market outlook. Furthermore, the Moving Average Convergence Divergence (MACD) is currently at -0.54, reinforcing this bearish sentiment. The price of Litecoin is below the 50-Day Exponential Moving Average (EMA) of $69.89, further confirming the bearish trend.

 

A key technical aspect for LTC is its testing of the 61.8% Fibonacci correction level. This is a critical juncture that could determine the future course of Litecoin’s price movement. A failure to move above this level could result in continued bearish pressure.

 

The broader market sentiment also plays a significant role in LTC’s price action. Recent trends in the cryptocurrency market have shown a degree of correlation with traditional financial markets, indicating that external economic factors could influence Litecoin’s trajectory.

 

Investors and traders are closely monitoring the developments around the coin, especially given its established position in the market. The current technical indicators suggest that caution is warranted, particularly if LTC remains below its key 50-Day EMA. Any changes in market sentiment or significant developments in the broader cryptocurrency sphere could impact Litecoin’s price.

 

In summary, Litecoin’s current market position is characterized by bearish sentiment, as evidenced by its RSI and MACD readings, as well as its position relative to the 50-Day EMA. The immediate focus is on the support and resistance levels, which will play a pivotal role in determining Litecoin’s short-term price movement.

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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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