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Litecoin Slips Under $65; Time to Short?

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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 September 05, 2023 | 2 min
Updated on Sep 05, 2023
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  • Litecoin has showcased promising trends, particularly its triumph over a pivotal trading zone, breaching the $66 mark with its foundational point around $63.44, hinting at possible bullish momentum.
  • Extended timeframe analysis reveals Litecoin’s touch on the 38.2% Fibonacci retracement level at $70. With its current stance above $67.30, maintaining this could signal a robust bullish run.
  • Key technical indicators like RSI and MACD signal a buy sentiment. Coupled with the supportive 50-day EMA near $65.50 and a bullish engulfing pattern on the 4-hour chart, Litecoin’s upward prospects seem reinforced.

In the ever-evolving landscape of cryptocurrencies, Litecoin has recently garnered attention by crossing the $65 mark. This move not only signifies a potential shift in market dynamics but also raises a pressing question for investors and traders alike: Is this the opportune moment to invest in Litecoin? As we delve deeper into its current performance metrics and technical indicators, we aim to shed light on whether this is indeed a favorable buying juncture.

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

Litecoin Price Prediction: Technical Outlook

Today’s Litecoin value stands at $62.81, with trading activities in the past 24 hours amounting to $244,904,022. Experiencing a 2.33% decrease within the last day, Litecoin now holds the #15 spot on CoinMarketCap’s rankings. Its current market capitalization is $4,624,266,083. Of its maximum supply of 84,000,000 LTC coins, 73,619,195 are currently in circulation.

Upon a detailed technical analysis of Litecoin, several intriguing trends surface. Notably, Litecoin has overcome a key trading zone, making strides past the $66 benchmark. The base of this zone was distinctively placed at approximately $63.44. Advancing beyond the $66 milestone could set the stage for further bullish traction for LTC.

 

For context, on an extended timeframe, Litecoin touched the 38.2% Fibonacci retracement level, reaching as high as $70. Despite this, it was unable to hold this elevation, settling below it shortly after. Presently, Litecoin’s position hovers above the $67.30 level. Should it persist above this marker, there’s scope for a more bullish trajectory.

Moreover, a closer look at pivotal technical instruments such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicates a prevailing buy sentiment. The 50-day Exponential Moving Average (EMA) too appears promising, offering a cushion to LTC near the $65.50 territory. A bullish engulfing formation on the four-hour timeframe bolsters the prospects of an ongoing upward movement.

 

Given this technical landscape, a potential approach might be to entertain a buy position when Litecoin is trading over $67.25, with a target set around $70.50. Subsequent resistance points are projected near $73.35 and $76.25, whereas reliable support is projected close to $63.65 and thereafter at $61.25.

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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