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Litecoin (LTC/USD) Nears $73.14, Poised for Potential Breakout

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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 30, 2023 | 2 min
Updated on Nov 30, 2023
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  • Litecoin LTC trades near $70.02, with a pivot point at $69.21.
  • RSI at 50 and MACD indicators suggest a potential upward momentum.
  • Key to watch: breakout above $70.50 for a move towards $73.14 resistance.

As the cryptocurrency market continues to navigate through a landscape of uncertainty and opportunity, Litecoin (LTC) stands out with a current price of $70.02, reflecting a modest 0.41% increase in the last 24 hours. With a substantial 24-hour trading volume of $241 million, Litecoin’s market presence is significant, currently ranking #17 in market capitalization at $5.17 billion. Litecoin’s current supply dynamics, with about 73.93 million coins in circulation against a maximum of 84 million, add an interesting layer to its valuation prospects.

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

Litecoin (LTC) Price Prediction: Technical Outlook

Focusing on the technical analysis, Litecoin is trading around a pivot point of $69.21, indicating a delicate balance in market forces. The immediate resistance levels are situated at $73.14, $76.17, and $80.11. These levels will serve as critical thresholds that could either cap Litecoin’s ascent or pave the way for further gains. Conversely, support levels at $66.13, $62.19, and $59.12 will play a crucial role in preventing any significant downturns, should the market sentiment turn bearish.

The Relative Strength Index (RSI) for LTC stands at 50, a neutral position that neither indicates overbought nor oversold conditions. This neutrality suggests an equilibrium in buying and selling pressures. The Moving Average Convergence Divergence (MACD) at 0.082896, with a signal line of 0.002567, slightly tilts towards a bullish sentiment, hinting at potential upward momentum. However, the proximity of these values also calls for caution, as minor shifts could alter the direction quickly.

An interesting development in Litecoin’s chart is the formation of a downward channel, which currently limits its upward movement. The resistance of this channel near $70.50 is critical; a decisive breakout above this level could signal a shift towards a bullish trend. Conversely, failure to breach this resistance may lead to a consolidation or a downward correction.

The 50-Day Exponential Moving Average (EMA) at $69.82 further reinforces this narrative. Litecoin’s current price hovering around this average suggests a potential for an imminent directional move, depending on market dynamics in the coming days.

In conclusion, the current technical outlook for Litecoin is cautiously optimistic, with a bullish bias emerging upon a potential breakout above the $70.50 resistance. The next immediate resistance levels to watch are $73.14 and $76.17. Market participants should closely monitor the $70.50 level, as a breakout above this could ignite a more pronounced upward trend. Conversely, failure to surpass this resistance could lead to a retest of lower support 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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