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Litecoin’s Climb to $68.50: Steady Growth Amidst Volatility

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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 November 23, 2023 | 2 min
Updated on Nov 23, 2023
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  • Litecoin trades at $68.50, up 2.63%, above its pivot point.
  • Balanced RSI at 49, with a bullish MACD indication.
  • Downward channel and 50 EMA likely to limit uptrend near $70.

Litecoin (LTC), often hailed as the silver to Bitcoin’s gold, is demonstrating a steady climb in the cryptocurrency market. As of November 23, LTC is trading at $68.50, marking a 2.63% increase in the last 24 hours. This upward trend is a testament to Litecoin’s resilience and growing investor confidence, especially in a market characterized by its volatility. With a current market cap of over $5 billion and a CoinMarketCap ranking of #18, Litecoin continues to solidify its position as a significant player in the crypto space.

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

Litecoin (LTC) Price Prediction: Technical Outlook

The technical outlook for Litecoin, based on a 4-hour chart, presents a nuanced picture. The coin has surpassed its pivot point of $66.94, indicating a bullish sentiment in the market. This is further supported by the immediate resistance levels at $71.43, $75.32, and $79.91. These levels are crucial as they represent potential hurdles that Litecoin must overcome to continue its upward trajectory. Conversely, the support levels at $63.04, $58.45, and $53.76 provide a safety net, suggesting that LTC has substantial backing at lower price points.

 

The Relative Strength Index (RSI) for LTC stands at 49, hovering just below the midpoint of 50. This indicates a balanced market sentiment, neither overly bullish nor bearish. The Moving Average Convergence Divergence (MACD) presents a more bullish outlook, with a value of 0.132314 and a signal line at -0.485699. This suggests potential upward momentum for LTC in the near term.

 

However, the 50-Day Exponential Moving Average (EMA) at $69.93 poses a potential challenge. The EMA is likely to limit Litecoin’s uptrend near the $70 mark, acting as a short-term resistance level. This is further corroborated by the observed downward channel pattern in the chart, which indicates that while the overall trend is upward, there may be resistance encountered near the $70 level.

 

In conclusion, the overall trend for Litecoin is cautiously bullish. Investors and traders might consider a buying strategy if Litecoin’s price remains above the pivot point, with a close watch on the immediate resistance levels for potential profit-taking opportunities. However, the proximity of the 50 EMA and the downward channel pattern suggest that traders should be prepared for potential resistance near the $70 level. In the short term, LTC is expected to test the resistance at $71.43, with the possibility of reaching higher levels if it can break through the EMA and channel resistance.

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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