Advertiser disclaimer

Litecoin’s Ascendancy: Deciphering the LTC Surge

author
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.
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 24, 2023 | 2 min
Updated on Oct 24, 2023
Advertiser disclaimer
  • Litecoin records a robust 5.80% growth, currently priced at $69.06.
  • RSI at an elevated 81 suggests overbought conditions; MACD hints at possible bearish turn.
  • Symmetrical triangle breakout at $65.50 solidifies short-term bullish sentiment, with an eye on the $71.02 resistance.

Litecoin, often heralded as the silver to Bitcoin’s gold, has made some notable strides in the trading world. As we close in on October 24, Litecoin’s appreciable surge in price and its commendable trading volume are factors that cannot be ignored. With a 5.80% increase in the last 24 hours, it’s crucial for traders and investors alike to understand the underlying currents driving this momentum.

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

Litecoin Price Prediction: Technical Outlook

Litecoin, currently priced at a significant $69.06, isn’t just about numbers. It’s about the confidence of the trading community, reflected in the 24-hour trading volume of $471,027,112. This isn’t just a mere blip on the radar – Litecoin confidently holds the 18th rank on CoinMarketCap, brandishing a live market cap just north of $5.09 billion.

A peek at the 4-hour chart offers a clear perspective on potential price pathways. At the heart of this analysis is the pivot point, gauged at $68.21. Should Litecoin ride its bullish wave, resistances await at $71.02, $75.31, and a more distant $79.53. Conversely, a shift towards bearish winds would see the crypto asset seeking supports at $63.92, followed by $61.11, and a deeper support at $56.82.

 

The tale of the technical indicators is equally compelling. The RSI, standing at a robust 81, exceeds the traditional overbought threshold of 70, hinting at possible profit booking or a price correction in the near future. The MACD paints a unique story, registering at 0.4638800 while its signal counterpart stands at 1.5850110. With the MACD line beneath the signal line, it may be suggestive of an impending downturn. However, the current Litecoin value confidently outpaces the 50-day Exponential Moving Average (EMA) benchmark of $64.51, endorsing the prevailing short-term bullish sentiment.

 

In the realm of chart patterns, a decisive symmetrical triangle breakout at $65.50 is evident. Historically, such breakouts often signify a potential bullish momentum, amplifying Litecoin’s current trajectory.

 

The overarching trend for Litecoin is bullish, particularly if it sustains above the $64.51 marker. Drawing insights from the combined technical indicators, resistances, and support levels, it wouldn’t be far-fetched to anticipate Litecoin challenging the immediate resistance of $71.02 in the days to come.

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.
Other categories