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Litecoin Price Setup Still Bullish

Litecoin price, just like other leading cryptocurrencies, had a rough time this week. Ethereum price dropped as low as 287 USD, Bitcoin traded above 5800 USD to shed almost a 1000 USD in less than 48 hours. The question remains the same, for Litecoin and for other leading Cryptocurrencies: Is it a Bubble? Will Cryptocurrencies survive the wave of regulatory concerns? and if they do, which ones are likely to survive?

The answer to this question was shared in our first Ethereum forecast, and again in our initial Litecoin forecast: As long as they have an intrinsic value, Cryptocurrencies will survive. Below are some excerpts from both forecasts:

From our Ethereum price forecast, this remains our answer to the Cryptocurrency Bubble:

The price of Ethereum is not moving ‘accidentally’ higher. There are several coins in cryptocurrencies universe, not all though, that are moving strongly higher. That is really a result of supply/demand dynamics. And here is the biggest news: this trend only got started. Are we saying that a bubble could develop over time? Yes that’s what we are saying, but not anytime soon yet.  Ethereum price forecast.

The exact same thing can be said about the price of Ethereum or Litecoin not moving ‘accidentally’ lower. In fact:

In other words, cryptocurrencies are being bought and sold in this world, transactions take place, so they are on their way to become mainstream. Ethereum price forecast.

When we forecasted Litecoin price reaching 60 USD target, we said the following

For now, we foresee Litecoin hitting $60 in 2017 early 2018 with the possibility of a retrace that could happen either before or after the target is met. How Litecoin delivers value and solidifies its intrinsic value will be key to exceeding that target and that’s what our research Team will be watching closely.

We also mentioned

Hence why we think that even with a good vision and solid code, Litecoin needs to differentiate themselves for more upside. As of now, Bitcoin is the authority, Ethereum has the Technology and Litecoin needs to find its “Niche”.

Later on, LTC reached 60 USD and we published our updated Litecoin outlook with a 100 USD price target. We later on updated the price target as after Segwit and the actions taken by the Litecoin foundation and community, Litecoin started differentiating itself from the other Cryptocurrencies and found its niche: Extremely fast, scalable and low cost transactions.

Let’s not forget that Litecoin is a highly scalable Bitcoin with ridiculously low transaction fees. That is a huge edge for Litecoin when most Cryptocurrecies are struggling with handling a higher transaction volume.

Litecoin price chart Still Bullish

Our positive outlook for Litecoin price is mainly driven by the chart set up. That is what keeps us from falling for the “noise” in the market, especially around cryptocurrencies.

We said that Litecoin chart’s setup suggests more upside potential. We still believe that, even more today as a new support line annotated in dark blue has developed now. If anything, this week’s action was a successful backtest of the breakout level at 52 USD. So far it looks like a successful one. Note how Litecoin seems to continuously back test the previous breakout level before any major run up.

So for those wondering if we maintain our Bullish outlook for Litecoin, the answer is yes. As long as there is no major security or technical issue among the sector leaders.

 

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