Advertiser disclaimer

Litecoin (LTC/USD) Targets $70 as Bulls Gather Strength

author
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.
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 February 06, 2024 | 2 min
Updated on Feb 06, 2024
Advertiser disclaimer
  • Litecoin’s recent rise to $68.05 highlights a 1.58% increase, underscoring bullish market behavior.
  • Technical indicators suggest a neutral to slightly bullish outlook, with key resistance near $68.96.
  • Market trends suggest Litecoin could test higher resistances if it maintains momentum above $67.75.

In the fluctuating world of digital currencies, Litecoin (LTC) stands out with a recent uptick in its valuation, now at $68.05, marking a 1.58% increase in the last 24 hours. Amidst the daily crypto discussions, Litecoin’s performance is noteworthy, with a trading volume of over $202 million. Currently, it ranks 19th by market cap, showcasing a significant presence in the cryptocurrency market with a live cap of $5.04 billion.

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

Litecoin Price Prediction: Technical Outlook

In the realm of cryptocurrency trading, Litecoin (LTC) analysis presents an intriguing case for both seasoned and novice traders. A detailed examination of the 4-hour chart reveals a pivot point at $67.53, which acts as a fulcrum for the asset’s short-term price movements. Resistance levels are clearly defined at $69.41, $71.90, and $73.72, each marking a potential hurdle that Litecoin must overcome to continue its ascent. Conversely, support levels at $65.10, $63.16, and $60.73 provide a safety net against downturns, ensuring that any bearish trends are met with substantial buying interest.

 

The Relative Strength (RSI), stationed at 49, portrays a market in equilibrium. This neutrality in the RSI suggests that Litecoin is at a crossroads, with potential for movement in either direction based on incoming market catalysts. The Moving Average Convergence Divergence (MACD) offers a glimmer of bullish hope, with its line just shy of crossing above the signal line, a classic indicator of potential upward momentum.

 

An additional layer of technical support is observed at $67.75, bolstered by the 50-day Exponential Moving Average (EMA) at $67.71. This confluence of support highlights a strong foundation from which Litecoin could potentially rally. However, traders are eyeing the 61.8% Fibonacci retracement level at $68.96 with keen interest, recognizing it as a pivotal resistance that could dictate the near-term trajectory of LTC’s price.

 

Given the balanced technical indicators and the strategic positioning of support and resistance levels, Litecoin’s outlook remains cautiously optimistic. The coin’s ability to maintain its footing above $67.75 will be crucial in determining its capacity to tackle higher resistance levels and possibly chart a path to further gains.

Conclusion: Litecoin’s current technical setup signals a cautiously optimistic outlook, with the potential to breach key resistance if it holds above $67.75.

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.
Other categories