Litecoin is consolidating and coiling up around the $71 price. It will either break upward or downward from this. Normally; with lower volumes (as is right now), it would likely break out downwards. However, here’s a few reasons why I think it will break upward:
- Fiat Sitting – I believe the reason why volumes are low is because investors got spooked about the recent tether hack & have pulled money back into fiat waiting to pounce on the next opportunity. Imo; I don’t think this money is sitting in another Alt, just fiat. So volumes will pump once again at the drop of a hat.
- Breakout Due – Litecoin has been undervalued for a long time. Although it’s been branded and treated as “silver”, it’s days of being tied to Bitcoin as it’s itty bitty little brother should be over. But then again; it could stay like that forever and Bitcoin break away even further.
- Slow, Steady History – There is no other coin with as much “reliability” as Litecoin’s slow and steady growth (which may also be it’s achilles as well)
- Holiday Season – I know I know, what? Traditionally, crypto coins have done nothing but go up during the holiday season. Especially during late November heading into the holidays. People spending money, people thinking about ways to re-coup the money they just spent, people feeling spend risky during the holidays, etc.
Those are just a few reasons off the top of my head.
I’m not sure how far up it will go upward. That is yet to be determined, we must first see if it’s going up – but I would imagine (without much research) that it would have a fairly clear path to $80 price. Check back soon!