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Litecoin Technical Analysis – December-13-2023

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FxNews Litecoin Technical Analysis –Recently, the cryptocurrency pair experienced a downturn, moving away from the higher boundary of its previously bullish flag. This shift indicates increased selling pressure, which has led the price to touch the critical 61.8% Fibonacci support level. At present, the Litecoin price is demonstrating a phase of consolidation just above this key support.

In the current market, the price of Litecoin is fluctuating within a narrow bearish flag formation. This is noteworthy as the technical indicators are predominantly suggesting a selling trend. However, there remains a potential for the Litecoin price to make an upward move and retest the Ichimoku Cloud. This scenario hinges on the bulls’ ability to sustain the price above the crucial 61.8% Fibonacci support level.

Litecoin Technical Analysis

Litecoin Technical Analysis – 4H Chart

Conversely, should the price fall below the $70.25 threshold, it could trigger a further decline in the Litecoin value. In such a case, the next significant bearish target is anticipated to be the 78.65 support level.

  • 13 December 2023
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