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Following the path of Bitcoin, Litecoin gets in the bear trap, as well. Its price has already fallen dramatically to $63, and traders are afraid that the worst is only to come. What do Internet users think about the future of Litecoin, and how to trade it? Read Litecoin price predictions from tradingview users, and opinions from Twitter users.
Wait and see
According to Twitter users, it’s not the best time for Litecoin, and the best strategy, for now, would be to sit and wait until it starts recovering.
Litecoin
— Crypto Capital Venture ⚡ (@cryptorecruitr) August 29, 2019
Sit back. Stay awhile. 😎 pic.twitter.com/l6dfB8RPA1
Since Litecoin can drop again, it presents new trading opportunities for those who play short. The last strategy ‘buy at $63 sell at $77’ worked, and there’s another great chance coming:
#LTC \USD
— Exrates.me (@Exrates_Me_) August 29, 2019
Here is a quick update on Litecoin against USD Our target was $63 and now it is $64 probably we are going to see further price dropping but now we have to fix the profit by algorithm rules. Congrats those who sold LTC at $77, we got around 16% profit.#Signal pic.twitter.com/vfFfcpHDmG
Moreover, Litecoin company is experiencing some problems with the reputation. Seems like people start losing trust in LTC and not so many people are using the cryptocurrency:
#Litecoin is dumping REAL hard and not many people are actually using it 💁♂️
— Martin Skieller (@MSkieller) August 29, 2019
People lose confidence when the creator dumps on investors ☺️ pic.twitter.com/V3zgkRkm8o
Here is one more interesting fact that proves relative unpopularity of the asset:
Want to know how much Litecoin is used compared to TRON?
— Mike McCarthy (@MikeNerdUK) August 29, 2019
I can't quite believe it myself, and as a TRON user you will be shocked.
Only 37million transactions 8 years.
That's 4.5million a year, and only 12,500 a day.
Only 0.26 TPS in last 24 hours!
This is a Ghost Blockchain! pic.twitter.com/XJNGZACaWI
Anyway, Litecoin is not likely to quit the Top-10 in the nearest future – the cryptocurrency is too valuable. But what will happen to it in the nearest future?
Without further ado, let’s observe Litecoin price forecasts from TradingView users.
Reversal will happen
According to apdodog, the down move that happened was quite predictable. But since the WXYXZ pattern looks to be complete, we should be looking for a reversal.
Watch for the up wave to the yellow trend line and then consolidation in that area. If we get rejected there, then we will most likely go down 1 more time to make a new low before any chance of turning back up. That means that LTC reaching $50 is a pretty possible scenario.
Patterns repeat
If we analyze the long-term LTC price history, we will see that BTC/LTC ratio is repeating right now, almost exactly. We are near reaching the maximum of the ratio and will drop dramatically if the fractal repeats completely. The implication is a spike in LTC's price, past September.
LTC is very likely to continue going to the bottom, and $53 is not the lowest value possible.
How about LTC going to $20?
According to the price chart from MartyBootsm LTC can fall down to $20. However, the trader doesn’t provide any clear explanation of how it should happen, and what will trigger such a serious failure. Yet, the trader reminds that great buying opportunities are ahead, and we shouldn’t miss them.
Litecoin doesn’t look good
It would be great to see this reverse and not complete, but the technical indicators do not look good for LTC. It is under several relevant moving averages, inverted cup and handle thing may break down, but not confirmed. Daily candle closes below the arbitrary lower descending wedge line, which is not great. All we should do is wait and see.
Bottom Line
Currently, LTC is caught in the downtrend which continues, which means anything might happen, and $53 doesn’t necessarily have to be the lowest low during this period. Let’s just wait and see where LTC will go, and if you want to invest, a great opportunity for that is going to appear soon.
Litecoin (LTC) price charts by TradingView