When it comes to predicting future cryptocurrency prices, there is no real indication as to which way the markets will swing. While that is usually problematic, it also creates some interesting options. The following three Litecoin price predictions show things are not looking good, but things can still get worse from here on out. At the same time, now is a time to become slightly bullish, depending on one’s outlook.
The Litecoin Winter Trend Resumes
Although winter has been coming for many years in the Game of Thrones series, it is now in full effect in the cryptocurrency industry as well. For Litecoin, it seems the current winter season can prove to be a rather nasty one. If the chart by Mcerezci is any indication, there is a good chance the Litecoin price will drop as low as $22 in the coming week and a half. That would be a very problematic trend, for many different reasons.
According to this particular LTC chart, the $30 level is a key support. Assuming the price remains below this price, a further decline would appear more than warranted. There are other key support levels near $27.72 and $25.42, but those can easily be broken if push comes to shove. A bullish breakout, while unlikely according to this trader, could occur if LTC breaks $37 again.
Short Despite Rising Network Value Transacted
A very peculiar trend has begun to materialize in the Litecoin department. Over the past week or so, a lot more value has been transacted over the Litecoin network on a daily basis. That is a positive sign first and foremost, as it would usually indicate people are using LTC more to pay for goods and services. However, this doesn’t necessarily warrant a bullish outlook on the Litecoin price, according to CryptoComes.
Instead, it seems more likely the LTC price will continue to fall. If the $27 range is broken in a bearish manner, there will be a drop to $25.32 in quick succession. If the trend remains somewhat stable, however, there is a good chance the price can jump to $35 again in the days to come. A strong recovery to $40 is still out of the question right now, but there is some reason for minor optimism under these current circumstances.
Short-term Bullish Momentum?
A very interesting and contrarian chart is provided by Gamagg, who is confident things will turn around for Litecoin sooner rather than later. More specifically, his chart looks pretty interesting regardless of how one wants to look at it. The current Litecoin price resistance seems to be near the $30.6 mark. A successful break of this line will push the value to a maximum of $38 in the coming days, which means it will still fall short of the $40 target so many traders are hoping for.
The big question is what would make such an uptrend materialize over the coming days. Similar to most altcoins, Litecoin’s price momentum mainly relies on Bitcoin’s trends. Right now, that doesn’t seem too promising whatsoever, although there can always be a short-term upward break first and foremost. For this chart to come true, something interesting will need to happen soon, but that seems not necessarily plausible at this time.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.