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LTC/USD at $65.43: Consolidation in Daily Crypto’s Focus

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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 January 25, 2024 | 1 min
Updated on Jan 29, 2024
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  • Litecoin (LTC/USD) sees modest growth, trading at $65.43; market cap reaches $4.85 billion amid increased 24-hour trading volume.
  • Resistance levels set at $67.68, $70.13; support established at $60.98, $58.43; pivotal for determining Litecoin’s near-term market movement.
  • Current consolidation pattern in Litecoin’s price suggests potential for breakout; bearish sentiment indicated by RSI and MACD values.

Today’s daily crypto analysis turns its focus to Litecoin (LTC/USD) price, which is currently trading at $65.43, reflecting a slight increase of 0.71% in the last 24 hours. The digital currency, ranked #19 on CoinMarketCap, boasts a market capitalization of approximately $4.85 billion, with a 24-hour trading volume of $266.88 million. Litecoin’s circulating supply stands at 74,130,613 LTC out of a maximum of 84,000,000 LTC coins.

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

Litecoin LTC Price Prediction: Technical Outlook

Litecoin LTC is navigating a crucial juncture as it oscillates around the pivot point of $63.64. The cryptocurrency faces immediate resistance at $67.68, followed by higer resistance levels at $70.13 and $74.27. These levels could potentially cap upward price movements. Conversely, support is found at $60.98, with additional levels at $58.43 and $55.98, which might provide stability against further declines.

 

The technical indicators for Litecoin reveal a nuanced story. RSI Indicator stands at 36, veering towards bearish sentiment. The MACD indicator shows a value of 0.01 against a signal line of -1.16, suggesting that bearish momentum might be losing steam. However, it’s important to note that the 50-Day Exponential Moving Average (EMA) at $68.16 remains a significant resistance level.

 

Litecoin’s price action has been consolidating within a narrow range, between $67 on the upper side and $64 on the lower. This consolidation phase could be indicative of an impending breakout. The presence of an upward trendline supports the possibility of upward momentum. However, the 50-Day EMA and RSI both indicate a selling bias, highlighting the need for caution among traders.

 

In conclusion, the overall trend for LTC is a bearish trend below $67.85, with a potential reversal above this level. Investors and traders should watch for a breakout from the current trading range, as it could signal the next major price movement for LTC/USD. The balance between the technical indicators and the price action near key support and resistance levels will be critical in determining Litecoin’s short-term trajectory.

 

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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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