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Litecoin (LTC/USD) Nudges $73 Amid Trading Surge

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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 14, 2023 | 2 min
Updated on Dec 14, 2023
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  • Litecoin sees a 2.72% increase, with trading volume signaling heightened market activity.
  • Technical indicators present a mixed sentiment, with RSI below 50 and MACD suggesting early bullish momentum.
  • The focus remains on whether LTC can sustain above the 50 EMA and pivot point, potentially targeting higher resistances.

As we delve into the technical outlook for Litecoin (LTC/USD) this December 14, we observe the asset carving its path in the crypto landscape with a current price of $73.13. The coin has seen a modest 2.72% uptick in the last 24 hours, buoyed by a trading volume crossing $363 million. Ranked at number 17, Litecoin’s market capitalization stands solid at $5.41 billion, with a circulating supply nearing 74 million LTC out of a maximum 84 million.

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

Litecoin Price Prediction: Technical Outlook

The technical terrain is charted with a pivot point at $72.43, indicating Litecoin’s immediate gravitational center around which market forces oscillate. Looking upward, resistance levels are layered at $75.96, $80.74, and $84.34, each a rung on the ladder that could potentially elevate Litecoin’s market position. Conversely, supports at $67.58, $64.05, and $60.45 form a safety net, cushioning any downward volatility.

The RSI, an oscillator gauging the asset’s momentum, rests at 46—just below the neutral 50 mark, which separates bullish confidence from bearish caution. The MACD presents a more complex narrative; the MACD line at 0.147088 above its signal hints at an embryonic bullish momentum, suggesting that the sentiment could be shifting towards a positive upswing.

In the struggle against market headwinds, Litecoin faces resistance at the critical 50 EMA benchmark of $73.60, a level that traders watch closely as a barometer of short-term market sentiment. Additionally, the completion of a 38.2% Fibonacci retracement at $73.50 further solidifies this zone as a battleground between supply and demand.

Litecoin’s chart patterns and technical indicators combined sketch a cautiously optimistic picture. While the asset navigates the waters around the $73 mark, its current stability above the pivot point of $72.43 gives it a bullish tint. The completion of the Fibonacci retracement and the flirtation with the 50 EMA suggest that the bulls might be gathering strength for an upward charge.

In summation, Litecoin presents a cautiously optimistic case. With the market’s eyes set on the $73.60 level, a decisive breach above could signal further bullish sentiment, potentially propelling the asset towards the first resistance at $75.96. Short-term expectations lean towards testing this resistance, as the underlying indicators hint at a gathering momentum, albeit with the usual caveats of cryptocurrency’s inherent volatility.

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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