BUY BITCOIN
The crypto verse is can be dramatic and depending on your preference, Litecoin and Bitcoin enjoy wide media coverage—and sometimes from research groups as Satis. They claim Litecoin gains shall average at $255 in the next decade and despite on-chain developments and adoption levels, LTC will never rise to $400.
From the News
Perhaps a stand out as the week concludes is this ruffling price prediction from Satis Group. While no one can accurately predict the future value of an asset even with the help of the latest valuation software, the research group has churned out some rather bold prediction of Bitcoin and its proxy, Litecoin.
Understandably, the crypto market is still nascent and that’s part of the reason why institutional investors are wary of sinking investors’ money. As a market that’s still trying to find a footing in a fast moving environment underpinned by technology, Litecoin and the rest of the markets are volatile but that didn’t stop Sherwin Dowlat and Michael Hodapp the authors of this controversial report from laying out their expert predictions.
Basing their forecast on peer-peer metrics and various traditional valuation models, they project that prices will never see the light of $400. That’s where Litecoin peaked before sinking to current levels.
What’s odd is that they took the John MacAfee route, placing Bitcoin at $144,000 in 10 years and $60,000 by the end of 2018. While all these are potential prices tags, many remain upbeat of Bitcoin but end up placing Litecoin at the dredges as they completely ignore the positive co-relation between Bitcoin and Litecoin.
Besides the obvious relationship, the network continues to find broad support from businesses, exchanges and investment firms with the foundation further oiling the systems by implementing solutions that deal with scalability, speed and most importantly adoption.
Litecoin Technical Analysis
Weekly Chart
Odds are, Litecoin will end up higher this week. So far, prices are up six percent and while they remain higher than last week, we must acknowledge that LTC prices are still in range mode. Not only are they moving within the last two week’s high lows but week ending Aug 12 bearish engulfing candlestick shadows any attempts of higher highs.
This is why LTC is most likely to dip provided prices are oscillating below $70 and more importantly below week ending Aug 12 highs at $80. In any case, prices might end up moving horizontally for some time as price accumulate/distribute ready to break below $50 or above $70.
Daily Chart
In this time frame, the reason for our neutral proposal is technical and clear from the chart. Notice that LTC prices are moving inside Aug 17 high low and are yet to break above $70—the immediate resistance line despite trend continuation following that high volume thrust of Aug 27.
Either way, risk on traders can load up longs with stops at $55 and targets at $70 and later $90. The safest route is the conservative way of trading and that dictates either a break above $70-asuming Aug 17 and 27 bull bears are confirmed or a dip below $50—in case there is trend resumption.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
