LTC prices were on a roller coaster over the long weekend, but so was the rest of the crypto market. There was a steep climb, a glorious moment at the peak, and then price support gave out.
It’s important to note that the entire saga was triggered by industry-wide catalysts, not specific Litecoin news. That said, Litecoin went from around $62.00 to roughly $90.00 and then back down to near $64.00 in just one week.
The triangle-shaped chart, which followed an almost identical trend to the trading volume, is an excellent method of tracking the Litecoin price prediction. Prices spiked as trading activity increased, then plunged as fewer Litecoins changed hands.
A well-timed trade could have earned a 45% return during the week, to be sure, but most people cannot outrun the herd.
Crowd behavior like what we saw this weekend is responsible for massive price swings, making it important to trade away from those moments. You don’t want to become the roadkill of a bigger investor.
And there were plenty of big players on the scene, considering that Litecoin was caught up in a bullish rally driven by Bitcoin’s ascent to $5,000. It was an important threshold for Bitcoin to cross, a marker that would underline the crypto boom in bold.
As the “silver to Bitcoin’s gold,” Litecoin was hitched to the upward-bound bandwagon. Now investors are wondering what to expect. Bitcoin is down by double-digits, as is Litecoin.
Should we expect further pain or a second wave of optimism?
My Litecoin price forecast for the year has it reaching $200.00, which should give you some sense of how I feel about LTC. I think this cryptocurrency is poised for massive gains, not least because it’s just getting exposure to a wider audience.
For instance, Bithumb recently became the most active exchange for trading Litecoin. It is a Korean exchange known for driving huge gains in Ripple, Bitcoin Cash, and Monero, meaning that its inflows to Litecoin are significant. Other exchanges could follow.
More inflows translate directly to a higher LTC price, but they can also insulate Litecoin from downside risk by spreading its eggs across many baskets.