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Litecoin Reclaims $63 Support; Will 50 EMA Boost Buys?

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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 October 04, 2023 | 1 min
Updated on Oct 04, 2023
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  • Litecoin currently trades at $66.20, experiencing a minor dip of 1.87% over the past 24 hours.
  • The 50 EMA, priced at $66.61, closely aligns with Litecoin’s current value, suggesting a possible buying trend.
  • A bullish sentiment is anticipated if Litecoin maintains above the $65 mark, with a short-term target set at the $70.43 resistance level.

As of October 3rd, the Litecoin market paints a somewhat optimistic picture. Currently trading at $66.20, Litecoin has experienced a dip of 1.87% over the last 24 hours, with an impressive trading volume of $265.72 million USD. Despite this dip, it still sits comfortably at #15 on the CoinMarketCap rankings, boasting a market capitalization of $4.88 billion. Furthermore, it’s worth noting that of the maximum supply of 84 million LTC coins, a staggering 73.72 million are already in circulation.

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

Litecoin Price Prediction: Technical Outlook

A deep dive into its key price levels indicates a pivot point around the $66.62 mark. Resistance-wise, Litecoin might encounter some friction at the $70.43 level, then at $72.69, with a notable barrier at $76.50. On the flip side, its support remains strong at $64.31, with additional cushions at $60.45 and $58.19, respectively.

 

Turning our attention to technical indicators, the Relative Strength Index (RSI) for Litecoin presently reads 50.18. This hovers slightly over the neutral 50 threshold, hinting at a mildly bullish sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD) line displays a value of 0.176845, which sits below its signal line value of 0.317771, suggesting potential downward momentum might be on the horizon. However, a beacon of hope lies with the 50-Day Exponential Moving Average (50 EMA). Priced at $66.61, it’s remarkably close to Litecoin’s current trading price. The continued stabilization of candle closes above this line is indicative of a budding buying trend.

 

In the realm of chart patterns, the 50 EMA serves as a solid foundation for Litecoin, underpinning its position at $66. Should this support hold, the implication is quite clear: potential for a sustained bullish momentum.

 

Given the above dynamics, the overarching sentiment leans bullish for Litecoin, particularly if it remains above the $65 threshold. In the short term, it wouldn’t be too optimistic to anticipate Litecoin testing the resistance levels, especially the one poised at $70.43, in the coming days.

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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