Litecoin (LTC) is without a doubt one of the biggest gainers this year. It’s up 4X from a low of $21 in late December to its current price, of around $83 at the time of writing. The best part about Litecoin (LTC) is that, it has been quite easy to predict its chart movements, when looking at the weekly charts. Ever since it broke back above the 200-day MA at $43, it was easy to project that there was strong upside momentum.
It was also not hard to tell that as long bullish sentiment prevailed, Litecoin was bound to test the next key resistance at $86 on the weekly 100-day MA. This is a very important price level because, if Litecoin garners enough momentum and pushes above it, then this is a crypto that is moon bound. Litecoin could easily rise to over $300 within this quarter or at some point in the next quarter if such a scenario plays out.
However, if it fails to hold, then Litecoin (LTC) could experience a correction possibly back to the $46 -$43 level along the 200-day MA. This is a key long-term support level. This isn’t necessarily a bad thing though. Considering the fundamental strengths of Litecoin (LTC), there is no doubt that its long-term trajectory is upwards. In essence, such a correction would simply be an opportunity to accumulate.
On the other hand, if Litecoin (LTC) blasts past the weekly 100-day MA, it would still be an amazing opportunity to buy and hold Litecoin. That’s because, even a move from around $90 to $300 is super profitable. There are many factors that give impetus to such a move. The most dominant of them is the Litecoin halving in August this year. Since late last year, there has been lots of buzz around this event.
This means that, as this date approaches, Litecoin (LTC) will see an increased level of interest from the investing public. As this interest increases, so will the value of Litecoin. It’s simply how speculation works. As more people demand something out of the expectation of gains, demand starts to outstrip supply and the price skyrockets. In essence, going all the way to August, Litecoin (LTC) could easily turn into a rocket and outdo Bitcoin and the entire market by a huge margin.
After the halving, Litecoin could continue to see major gains, this time driven by Bitcoin (BTC) FOMO. From a look at the Bitcoin long-term chart, it is quite clear that Bitcoin (BTC) is now in a recovery phase. If it sustains this, and pushes back above $10k, then retail investors that left the market in 2018 will start to FOMO back into the market. This could see the value of Litecoin (LTC) and the rest of the market rise significantly as well. In essence, Litecoin (LTC) breaking past $1000 within 2020 or 2021 is a realistic possibility. Crypto is slowly changing the world, and Litecoin (LTC) is right in the middle of it. The future is bright for LTC investors.