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LTC/USD Eyes $80, Firmly Bullish Above $68.82

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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 02, 2023 | 2 min
Updated on Nov 02, 2023
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  • Litecoin (LTC/USD) trades at $70.35, a 3.01% increase, with a bullish outlook above the pivot point of $68.82.
  • Technical indicators including RSI at 57 and MACD crossing above the signal line reinforce the bullish sentiment.
  • Chart patterns and candlestick analysis suggest a continuation of the upward trend, with potential to test resistances at $72.75 and eye the $80 level.

In the ever-evolving landscape of cryptocurrencies, Litecoin (LTC/USD) is charting a course towards the $80 mark, cementing its bullish stance firmly above the pivotal level of $68.82. This digital silver, often shadowed by its golden counterpart, Bitcoin, is shining bright as it navigates through the volatile crypto waters with a clear uptrend. As investors and traders alike cast their eyes towards the $80 horizon, Litecoin’s current trajectory underscores the growing confidence in its potential to scale new heights.

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

Litecoin Price Prediction: Technical Outlook

The cryptocurrency market remains a theater of volatility, with Litecoin (LTC/USD) emerging as a protagonist in the recent act. Today, Litecoin trades at $70.35, marking a 3.01% increase over the last 24 hours. The digital silver’s performance isn’t an isolated surge but a part of a broader narrative that’s unfolding in the crypto realm. Ranked #17 on CoinMarketCap, the coin boasts a live market cap of $5,193,945,308, with a circulating supply of 73,827,258 coins.

 

On the technical front, Litecoin’s dance is choreographed around key price levels. The pivot point stands at $68.82, serving as a linchpin for the bulls and bears. Should the bulls maintain their chorus line, immediate resistances at $72.75, $76.61, and $80.46 await their challenge. Conversely, a retreat would see supports at $64.93, $61.03, and $57.18 cushioning any bearish fall.

 

The Relative Strength Index (RSI), currently at 57, hums a bullish tune, indicating that Litecoin’s momentum is far from overbought territories. The MACD indicator echoes this sentiment, with a value of 0.1384 crossing above the signal line at 0.3080, suggesting an upward momentum that could see Litecoin pirouetting towards higher price levels.

 

The 50-Day Exponential Moving Average (EMA) at $68.19 provides a stage for Litecoin’s bullish performance, positioning the price above this moving average and underlining the short-term bullish trend. Chart patterns further dramatize this outlook, with candlestick analysis revealing a formation that traditionally preludes a bullish continuation.

 

In conclusion, Litecoin’s current performance paints a bullish picture, contingent on maintaining a stance above the pivotal $68.82 mark. Should this level hold, the short-term forecast sees Litecoin testing resistances at $72.75 and potentially eyeing the $80 mark in the coming days.

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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