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Litecoin Steady Over Triple Bottom Support $63; Buy Now?

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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 27, 2023 | 2 min
Updated on Oct 01, 2023
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  • Litecoin showcases a bullish rally from its key $63 support, further emphasized by the triple bottom pattern and its alignment with a rising channel on the 4-hour chart. A break above the $66 resistance could set sights on $68.
  • Despite the bullish signs, indicators like the 50-day EMA, RSI, and MACD suggest potential bearish momentum, particularly if the coin consistently dips below the $63 level.
  • The definitive marker for traders today is the $63 level, with significant movements either way potentially leading to the next support at $61.90 or even down to the crucial $59.95 level.

Litecoin has recently showcased noteworthy resilience, firmly anchoring itself over a triple bottom support at the $63 mark. This stabilization has prompted traders and crypto enthusiasts to ponder a pivotal question: Is this the opportune moment to acquire Litecoin? As markets exhibit dynamic shifts and volatility remains inherent to the cryptocurrency realm, this analysis delves into Litecoin’s current posture and the potential ramifications of its steadiness above this critical support level.

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

Litecoin Price Prediction: Technical Outlook

Today’s price for Litecoin stands at $63, having witnessed a trading volume of $172,224,029 over the past 24 hours. It has experienced a 1.19% decline in this duration. According to CoinMarketCap, Litecoin currently holds the 15th position, boasting a market capitalization of $4,701,162,270 USD. There are 73,698,183 LTC coins in circulation out of a maximum supply of 84,000,000 LTC coins.

 

Analyzing Litecoin’s technical framework, it’s evident that the coin has rallied from the crucial $63 support bracket, a move emphasized by the triple bottom formation. This specific point is crucial as it aligns with an ascending channel on the 4-hour timeframe. The emergence of candlesticks over this foundational support suggests a probable uptrend for Litecoin, targeting a potential resistance near the $66 benchmark. Should it break through this with conviction, the coin might then aim for the next resistance at $68.

 

On the flip side, several technical metrics, including the 50-day Exponential Moving Average (EMA) and tools like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), hint at possible bearish overtones, given their present position in bearish territories. Yet, for a more profound bearish momentum to take hold, the coin would have to consistently fall below the $63 marker.

 

To sum it up, the primary point of interest for traders today remains the pivotal $63 benchmark. Any marked drop below or significant surge past this point may steer the coin towards the subsequent support at $61.90. Going further south, the $59.95 mark emerges as a vital bulwark for Litecoin.

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.
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