Technical Analysis

LTC/USD Price Analysis – June 22, 2023

By LonghornFX Technical Analysis
Jun 22, 20234 min

Daily Price Outlook

Currently, Litecoin has a market capitalization of $6.28 billion USD, with a live price of 85.77 LTC per USD. The 24-hour trading volume reached $812.02 million USD.

The LTC to USD exchange rate is updated in real-time. With a circulating supply of 73.20 million LTC, Litecoin has experienced a gain of +6.63% in the previous 24 hours.

There is speculation that the price of Litecoin could reach $100 in the next six weeks due to the upcoming LTC halving. On August 2, 2023, Litecoin will go through its third halving event, resulting in a reduction of block rewards from 12.5 to 6.25 LTC.

However, the volatile nature of Bitcoin and the uncertainty surrounding regulatory actions from US authorities have hindered accurate predictions and forecasts regarding LTC pricing.

Litecoin’s halving event is a blockchain upgrade that occurs every four years or after 840,000 blocks have been produced. This event halves the block rewards for miners.

The price of Litecoin has faced a challenging month, with losses experienced during June. Despite expectations that LTC would fare better due to an upcoming network development event, it has not been exempt from the broader market downturn.

Litecoin’s price has approached March lows, currently trading at $74. Over the past 14 days, the cryptocurrency has witnessed a decline of over 24%. At the beginning of the month, it was poised to surpass the resistance level at $95, but the failure to do so resulted in a slump influenced by the overall bearishness in the market.

Following a significant decrease starting in early June, the price of Litecoin (LTC) is showing signs of a potential recovery surge. Unlike many other high-market-cap tokens, LTC has escaped the recent Securities and Exchange Commission (SEC) attack and has not been labeled as a “security” by financial authorities.

Despite a 20% drop in the price of Litecoin (LTC) since early June, its performance relative to the Bitcoin protocol has shown a bullish forecast.

The price has increased by 90% since June 13, 2022, and roughly 15% since the beginning of the year. LTC has also reached a market capitalization of $6 billion, highlighting its resilience despite the overall bearish sentiment in the market.

Litecoin investors have pulled back as the price failed to break through a long-standing resistance level. This outcome had a more negative impact on investors than anticipated, leading them to step back from their LTC holdings.

The price of Litecoin has dipped lower, experiencing an 8% decline over a week. Currently trading around the $90 mark, this decrease aligns with the broader market changes, including recent governmental crackdowns, that have affected most cryptocurrencies.

LTC/USD Price Chart – Source: Tradingview

LTC/USD – Technical Analysis

Litecoin has displayed remarkable strength in its recent performance. Breaking through the 50-day exponential moving average at $84.45, it showcased its prowess by surpassing the psychological resistance level at $85. The focus now shifts to its next target, aiming to conquer the $92 mark.

The daily timeframe paints an encouraging picture with the formation of three white soldiers’ candlesticks and a robust engulfing bullish candlestick pattern, indicating the confidence of the bullish sentiment.

The technical indicators further support this positive outlook. The relative strength index (RSI) remains comfortably within the buying zone, maintaining a value of 57.

Additionally, the moving average convergence divergence (MACD) exhibits histograms above zero, indicating a value of 0.88. These indicators collectively suggest the continuation of the bullish trend.

Excitement mounts as Litecoin aims to reach new heights. Breaking through the $92 level would mark a significant milestone, paving the way for potential targets of $96 and $100. The anticipation is palpable as Litecoin enthusiasts eagerly await these milestones.

However, it is crucial to remain mindful of potential obstacles along Litecoin’s journey. Should the price stumble and fall below $85, support levels become vital anchors. Keep an eye on the resilient $76 and the steadfast $72, as they act as safety nets to support Litecoin’s upward trajectory.

Therefore, it is advisable to closely monitor the $92 level, as it will play a pivotal role in determining whether Litecoin continues its impressive ascent or takes a brief pause for a corrective phase. Brace yourself for the captivating developments that lie ahead in the dynamic world of Litecoin.



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