The crypto verse can be dramatic and depending on your preferences, Litecoin and Bitcoin enjoy wide media coverage – and sometimes from research groups like Satis. They claim that Litecoin profits will average $ 255 over the next decade and despite developments in the chain and adoption. LTC will never go up to $ 400.
From the news
At the end of the week, you might notice that Satis Group’s curling price forecast. While no one can accurately predict the future value of an asset even with the help of the latest valuation software, the research group made a rather bold prediction of Bitcoin and its deputy, Litecoin.
Understandably, the crypto market is still nascent, and this is one of the reasons institutional investors are cautious about sinking investors’ money. Litecoin and the rest of the markets are a market that is still trying to break into a fast-paced environment that is backed by technology. This didn’t stop Sherwin Dowlat and Michael Hodapp, the authors of this controversial report, from making their expert predictions.
Based on peer-to-peer metrics and various traditional valuation models, they predict that prices will never see the light of $ 400. This is where Litecoin peaked before dropping to current levels.
What is strange is that they took the John MacAfee route and placed Bitcoin at $ 144,000 in 10 years and at $ 60,000 by the end of 2018. While these are all potential price tags, many remain optimistic about Bitcoin but end up placing Litecoin on the diggers as they are completely ignoring the positive relationship between Bitcoin and Litecoin.
In addition to the obvious relationship, the network continues to find widespread support from corporations, exchanges, and investment firms, with the foundation further oiling the systems by implementing solutions that address scalability, speed, and most importantly, adoption.
Litecoin technical analysis
Litecoin Weekly Chart by Trade View
Chances are that Litecoin will be higher this week. So far prices are up six percent, and although they are higher than last week, we have to acknowledge that LTC prices are still in range mode. Not only are they within the lows of the past two weeks, but for the week leading up to August 12, bearish-devouring candlesticks overshadow all attempts at higher highs.
Because of this, LTC is most likely to go down, assuming prices fluctuate below $ 70, and most importantly below the highs at the end of August 12 at $ 80. Either way, prices could move horizontally for some time as prices pile up / spread out and ready to break below $ 50 or above $ 70.
Litecoin Daily Chart by Trade View
During this period, the reason for our neutral proposal is technical and can be seen in the table. Note that LTC prices are hovering within the August 17th high and not yet above $ 70 – the immediate resistance line despite the continuation of the trend after the August 27th high volume spike.
Either way, risk for traders can charge longs with stops at $ 55 and targets at $ 70 and later at $ 90. The safest way is the conservative way of trading. This means that either a break above $ 70 will be confirmed by August 17th and 27th, or a decline below $ 50 – if the trend resumes.
Disclaimer of liability: This is not investment advice and the views are the same as the author. Do your own research before making any investment decision.