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Litecoin’s Crucial Moment: A Deep Dive into LTC/USD’s Prospects

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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 19, 2023 | 2 min
Updated on Oct 19, 2023
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  • Litecoin’s current trading price is $60.36, with a notable double bottom near the $59.61 pivot point.
  • Short-term sentiment is bullish, provided it remains above the $59.60 threshold.
  • MACD and 50 EMA indicators point towards potential bearish pressures.

Amid the vast crypto landscape, Litecoin (LTC/USD) has always been one of the notable players, standing the test of time and market volatility. As we approach October 19, Litecoin is positioned at a notable crossroad. With its price pegged at $60.36 and a trading volume surpassing the $202 million mark within a day, its influence is undeniable. However, a 2.80% drop in the past 24 hours raises eyebrows. Commanding the 16th rank on CoinMarketCap with a staggering market cap of roughly $4.45 billion, Litecoin’s clout in the cryptocurrency domain remains substantial.

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

Litecoin Price Prediction: Technical Outlook

Analyzing the 4-hour chart, Litecoin’s key price indicators present a compelling story. The asset has a defined pivot point at $59.61. This sets the stage for an immediate resistance challenge at $62.50. Further resistance hurdles lie at $64.58 and an even stronger one at $67.51. On the flip side, Litecoin can expect support levels at $57.49, a deeper safety net at $54.59, and then a crucial foundation at $51.66.

 

Delving into the technical indicators, the Relative Strength Index (RSI) positions itself at 34. Traditionally, an RSI below 30 is considered oversold, hinting at potential for a bullish reversal. However, at 34, Litecoin has yet to reach this oversold territory, suggesting some lingering bearish sentiment.

 

The Moving Average Convergence Divergence (MACD) showcases a bearish undertone. This is evident as the MACD line is stationed below the signal line, alluding to possible downward pressures ahead.

 

Additionally, the 50-Day Exponential Moving Average (50 EMA) is clocked at $62.20. With Litecoin trading below this average, it suggests a short-term bearish trend. Yet, chart patterns offer a glimmer of hope with a noticeable double bottom near the $59.61 mark. Such a formation typically signifies a bullish reversal, further reinforced by its proximity to the pivot point.

 

Summing up the technical outlook, the immediate sentiment for LTC/USD tends to be bullish as long as it sustains above the $59.60 mark. This, coupled with the double bottom pattern, might be indicative of an upcoming upward trajectory. Traders and investors should keep a vigilant eye, as Litecoin is poised to challenge higher resistance levels in the imminent future.

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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