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Litecoin Trades Choppy Near $65; Quick Outlook

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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 07, 2023 | 2 min
Updated on Sep 10, 2023
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  • Litecoin, upon a four-hour analysis, showcases a neutral stance, fluctuating between $60 and $64, with a prominent support emerging at the double/triple bottom of $62, indicating potential bullish undertones.
  • Leading indicators offer divergent insights: While the RSI tilts bearish (below 50), the MACD histogram hints at bullish momentum, with the Litecoin price circling the pivotal 50-day exponential moving average.
  • Traders should be vigilant around the $62 mark: A dip below could forecast a bearish trajectory towards $60, whereas surpassing it might suggest bullish momentum, with a critical ceiling at $65, leading to potential resistances at $67 and $68.05.

Litecoin, often referred to as the silver to Bitcoin’s gold, has been navigating turbulent waters as it hovers around the $65 mark. The cryptocurrency has exhibited a choppy trading pattern, reflecting the prevailing market uncertainty and mixed sentiments among investors. As traders grapple with these fluctuations, many are keenly seeking insights into Litecoin’s near-term trajectory. In this analysis, we’ll delve into the current dynamics surrounding Litecoin and provide a swift overview of what the future might hold for this veteran cryptocurrency.

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

Litecoin Price Prediction: Technical Outlook

Today, Litecoin’s current price stands at $63.10, with a daily trading volume reaching $231,856,820. Over the past 24 hours, Litecoin has seen a 0.42% increase. According to CoinMarketCap, it ranks 15th in terms of market capitalization, which is currently valued at $4,645,599,415 USD. Out of a maximum supply of 84,000,000 LTC coins, 73,626,027 LTC are currently in circulation.

 

Upon analyzing Litecoin on the four-hour timeframe, it is evident that the cryptocurrency is exhibiting a neutral bias, consolidating within a narrow range delineated by $60 as the lower boundary and $64 as the upper boundary. On a closer examination, Litecoin demonstrates robust support, underscored by its repeated adherence to the double or even triple bottom support level at $62. The consistent candle closures above this level hint at the possibility of a bullish reversal.

 

Turning our attention to leading oscillator indicators, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) present mixed signals. The RSI suggests a bearish trend as it remains below the 50 mark. In contrast, the MACD stays above zero, forming histograms that indicate bullish momentum. Concurrently, Litecoin’s price hovers around the 50-day exponential moving average, further emphasizing the neutral sentiment in the market.

 

In light of these observations, traders should closely monitor the $62 level. A breach below this threshold could potentially set the stage for a bearish trend targeting the $60 mark. Conversely, a move above this level might signal a continuation of bullish momentum towards the $65 mark. Importantly, a decisive move above $65 could propel Litecoin towards the next resistance zones at $67 and $68.05, respectively.

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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