Currently, Litecoin is valued at $43.79 according to the CryptoTrend tool, Crypto Online. But what are the medium-term prospects for Litecoin (LTC) for the experts?
What are Litecoin’s highlights of the past week? What do experts expect from Litecoin in the medium term?
Litecoin has experienced significant volatility over the past 7 days. In particular, last Saturday the cryptomoney went from $47.52 to $42.01 in hours, experiencing an 11.6% drop.
In this regard, on May 10, last Saturday, The News Spy – Bitcoin Trader – Bitcoin Evolution – Bitcoin Circuit – Immediate Edge – Bitcoin Revolution – Bitcoin Profit – Bitcoin Code – Bitcoin Billionaire – Bitcoin Era suffered a 15% drop leading to the breaking of Litecoin’s long-term upward wedge pattern.
Yesterday, the cryptomoney experienced a recovery of approximately 2.52%. This allowed it to recover to levels of approximately $43.
Nathan Batchelor wrote yesterday in Capital.com that after conducting a technical analysis of Litecoin, he observed a bearish breakout of a large triangle pattern that may take place in the daily time frame.
In this sense, Batchelor points out that, depending on the size of the triangle pattern, a break below the key $41 level could push LTC to levels like $20. Therefore, he concludes that, in the medium term, he sees a bearish bias for Litecoin as long as the price is below the $51.5 level.
Similar to Batchelor’s opinion, Biraajman Tamuly, a journalist and cryptomoney analyst, pointed out that the possibilities of another bullish run are very low.
Tamuly also said that if Litecoin breaks the current pattern, he could see a drop to $37.
Can Litecoin benefit from Halving Bitcoin?
Can we see an LTC at $3,000?
Earlier in CryptoTrend, we reported that some predictions pointed to a Litecoin that could reach the amazing $3,000 level. But is this prediction still valid?
The reality is that, before Bitcoin Halving occurred, predictions were betting that Bitcoin (BTC) would reach 100,000 after the event. According to this, Apple App Review established that, if that happened, Litecoin would be worth $3,000.
„Litecoin is the sleeping giant that is about to wake up. We could see the price of Litecoin go up to $3,000 when Bitcoin goes up to $100,000,“ he said at the time.
This would mean an increase of about 6,750% for cryptomoney, but now it seems a long way off.
Is that possible? We can only say that everything is possible in the crypto market and therefore it is very difficult to know exactly what will happen.
As always, there are bullish and bearish prospects for Litecoin, however, only time will tell who was right.