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Litecoin (LTC/USD) Nears $73 Amid 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 December 26, 2023 | 2 min
Updated on Dec 26, 2023
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  • Litecoin trades around $72.63, up 1.65%, with a market cap of $5.38 billion.
  • Technical indicators show a slight bullish bias but caution near key resistance at $72.86.
  • Traders to watch pivot points and EMA closely for potential shifts in market sentiment.

As the cryptocurrency market continues to navigate through a sea of volatility and uncertainty, Litecoin (LTC) presents an intriguing case for analysis. On December 26, Litecoin is trading at $72.63, marking a 1.65% increase in the last 24 hours. With a market cap of approximately $5.38 billion, Litecoin sits at the #17 spot on the CoinMarketCap rankings. The coin has a circulating supply of 74 million against a capped maximum of 84 million, highlighting its scarcity and potential value.

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

Litecoin Price Prediction: Technical Outlook

Technical analysis of LTC/USD on a 4-hour chart timeframe reveals several key levels that traders are watching closely. The pivot point for Litecoin is currently set at $71.13. On the upside, immediate resistance is found at $74.23, followed by further resistance levels at $77.24 and $80.34. Conversely, support levels are established at $68.07, $64.97, and $61.95. These figures are crucial for traders to gauge the potential movement of Litecoin in the short term.

The Relative Strength Index (RSI) for Litecoin stands at 54, indicating a slightly bullish sentiment as it is just above the 50 mark. This suggests that buying pressure has been slightly more prevalent than selling pressure in recent trading sessions. The Moving Average Convergence Divergence (MACD) is currently at 0.008094, with a signal of 0.228653, showing a potential for upward momentum, albeit the signal line is higher than the MACD line, which could indicate some bearish undercurrents.

Another key indicator, the 50-Day Exponential Moving Average (EMA), is at $71.90. Litecoin’s current price hovering around this level indicates that the market is in a state of balance between bullish and bearish sentiment. However, the close proximity to the EMA also suggests that any significant trading activity could tip the balance.

From a chart pattern perspective, a downward trendline is extending resistance at $72.86. This trendline is a critical point for Litecoin, as a break above this level could indicate potential bullish momentum, while a failure to surpass it could see the coin test lower support levels.

In conclusion, the overall trend for Litecoin appears to be cautiously optimistic, with a bearish bias below the $72.86 mark. In the short term, traders should monitor these key resistance and support levels closely, as they will likely determine the direction of Litecoin’s price movements. The cryptocurrency market’s inherent volatility adds an extra layer of complexity to these predictions, making it essential for investors to stay informed and agile in their trading strategies.

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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