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Litecoin’s $66 Surge: Skyrocket or Stumble Ahead?

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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 17, 2023 | 2 min
Updated on Oct 17, 2023
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  • Litecoin witnessed a 2.17% price hike, currently trading at $63.20 with a 24-hour volume of $329.24 million.
  • Key resistances lie at $64.57, $67.49, and $69.62, while supports are set at $59.64, $57.51, and $54.65.
  • RSI and 50 EMA suggest a mild bullish sentiment; however, a watchful eye on the MACD’s potential crossover points is recommended.

Litecoin, often dubbed as the “silver to Bitcoin’s gold,” recently showcased a dazzling ascent, touching the $66 mark. This surge, while impressive, was met with hesitation as it failed to firmly breach and maintain this level. As traders and investors alike grapple with interpreting this movement, the overarching question remains: is this a precursor to a monumental skyrocket, or is a stumble on the horizon?

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

Litecoin Price Prediction: Technical Outlook

On October 17, Litecoin’s (LTC/USD) technical landscape presents some intriguing pointers. Currently priced at $63.20, the coin has witnessed a 2.17% surge in the last 24 hours, marking an impressive shift in its trajectory. Its trading volume over the same time frame stood at a robust $329.24 million. Litecoin, now ranking 15th on CoinMarketCap, boasts a market cap of approximately $4.66 billion. Furthermore, the current circulating supply is nearing 73.77 million LTC coins, with a predetermined maximum supply of 84 million coins.

 

Focusing on a 4-hour chart timeframe, key price levels to monitor are as follows: A pivot point is established at $62.55. On the upside, immediate resistance is spotted at $64.57, with subsequent levels at $67.49 and $69.62. Conversely, immediate support is situated at $59.64, followed by $57.51 and $54.65. In the realm of technical indicators: The Relative Strength Index (RSI) stands at 58, signaling a mildly bullish sentiment as it remains above the 50 threshold. The Moving Average Convergence Divergence (MACD) shows a value of 0.19 with its signal line at 0.33.

 

Although these numbers do not indicate a clear momentum trend, they’re essential to keep an eye on for potential crossover points in the near future. The 50-Day Exponential Moving Average (50 EMA) has a value of $62.68. With the current price slightly above this, it suggests a short-term bullish trend for Litecoin. While this report does not specify a distinct chart pattern, such patterns can be instrumental in predicting potential price movement directions.

 

In conclusion, the overall sentiment for Litecoin appears to be bullish as long as the price remains above $62.65. Traders and investors should closely monitor resistance and support levels to gauge potential entry or exit points 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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