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Litecoin (LTC/USD) Eyes $80 as Bullish Sentiment Persists

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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 02, 2024 | 2 min
Updated on Jan 02, 2024
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  • Litecoin (LTC/USD) trades at $75.05, up 2.69%, with market cap exceeding $5.5 billion.
  • Key resistances set at $76.98 and $81.05; RSI and MACD indicators signal bullish momentum.
  • Chart patterns and position above 50 EMA suggest potential uptrend, eyeing $80 target.

As we usher in the new year, Litecoin (LTC/USD) starts off on a strong footing, reflecting a bullish sentiment in the cryptocurrency market. The current live price of Litecoin stands at $75.05, up by 2.69% in the last 24 hours, with a significant trading volume of $292 million. Holding the #18 spot on CoinMarketCap, LTC boasts a live market cap of approximately $5.56 billion, backed by a circulating supply of 74 million LTC out of a maximum of 84 million.

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

Litecoin (LTC) Price Prediction: Technical Outlook

Analyzing the 4-hour chart timeframe, Litecoin’s pivot point is established at $73.77. The immediate resistance level lies at $76.98, with further hurdles at $81.05 and $84.26. On the downside, support levels are positioned at $69.62, $66.49, and $62.35. These key price levels provide a roadmap for LTC’s potential directional movements in the short term.

 

The technical indicators echo this optimistic outlook. The Relative Strength Index (RSI) is at 59, hovering just below the overbought threshold, yet indicating strong buying interest. The Moving Average Convergence Divergence (MACD) aligns with this bullish trend at 0.1769, surpassing its signal line at 0.0370. This configuration suggests potential upward momentum for Litecoin.

 

An essential factor reinforcing the bullish bias is Litecoin’s positioning above the 50-Day Exponential Moving Average (EMA) of $73.72. This key metric often serves as a barometer for the short-term market trend, and Litecoin’s stance above it signals underlying market strength.

 

The observed chart patterns, including a symmetrical triangle pattern and Litecoin’s slice through the 50 EMA line, further bolster the bullish case. These patterns indicate consolidation and potential for an upward breakout, especially with LTC trading above the crucial $74.18 level.

 

In summary, Litecoin’s technical analysis depicts a market that is leaning towards bullishness, particularly as it sustains above key technical levels. The convergence of positive indicators like the RSI, MACD, and supportive chart patterns suggest that LTC could test higher resistance levels in the near future, with the $80 mark being a feasible target. However, as with all cryptocurrencies, market volatility and external factors could influence its trajectory, necessitating vigilance among traders and investors.

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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