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LTC/USD Clings to $68.89, Bulls Eye Breakout

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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 February 08, 2024 | 2 min
Updated on Feb 08, 2024
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  • Litecoin (LTC) sees a 1.58% increase, with a market cap ranking of #19.
  • Resistance levels set at $69.35 and $71.87, with support at $67.55.
  • Technical indicators suggest an upward trend, with a breakout likely near $69.

In the dynamic realm of the cryptocurrency world, Litecoin (LTC) emerges this Wednesday, February 8th, as a topic of particular interest within the Daily-Crypto.com discussion. The digital asset is currently trading at $68.89, reflecting a 1.58% rise within the last 24 hours. Positioned as the 19th cryptocurrency by market capitalization, LTC  maintains a market valuation of over $5.1 billion and circulates 74,181,863 LTC out of a maximum of 84,000,000 coins.

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

Litecoin Price Prediction: Technical Outlook

Traders observing the four-hour chart note a pivot point at $67.55, a critical juncture that dictates Litecoin’s short-term direction. Should buyers persist, LTC faces immediate resistance at $69.35. Additional barriers at $71.87 and $73.73 await, which could be retested if the current momentum continues.

 

Conversely, if sellers regain control, LTC may find immediate support at $65.07, with subsequent safety nets at $63.22 and $60.75 providing further stabilization points. These levels are instrumental in determining Litecoin’s resilience in the face of market fluctuations.

 

The Relative Strength Index (RSI indicator) stands at 64, hinting at increased buying activity yet not fully venturing into overbought territory. The Moving Average Convergence Divergence (MACD indicator) presents a value of 0.12 against a signal of 0.23, suggesting a divergence that could preempt a shift in market dynamics.

 

The 50-Day Exponential Moving Average Indicator (EMA), at $67.91, is currently in sync with Litecoin’s pivot, reinforcing the notion of a bullish inclination. Chart analysis reveals an ascending triangle pattern, with the $67.90 level offering notable support, indicating a consolidation phase with potential for an upward break. Moreover, the emergence of a triple top pattern presents a formidable resistance near $69, where a decisive surge could catalyze a new buying trend.

 

Litecoin’s trajectory is not only a reflection of its own technological advancements and adoption but also a microcosm of the broader cryptocurrency market’s sentiment. As investors navigate through the labyrinth of market signals and economic news, the confluence of technical indicators and chart patterns provides a roadmap for Litecoin’s possible ascent.

 

Yet, in the world of cryptocurrencies, where change is the only constant, and markets oscillate with a mix of speculation and strategy, Litecoin stands at a crossroads. The pivot point serves as the fulcrum of market sentiment, with the potential to either propel Litecoin towards new heights or pull it back into the depths of market correction.

 

As the day progresses, Litecoin enthusiasts and detractors alike will watch closely to see if the cryptocurrency can sustain its current level and muster the strength to break out of its resistance confines.

Conclusion: Litecoin trends bullish with a potential breakout at $69.

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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