Litecoin Price Forecast — On March 12, Spring 2018
As the Crypto markets make yet another comeback after a weekend of lows and volatility, Litecoin is poised to stay among the leaders of the pack in stability and perseverance. Yesterday, JP Morgan stated that Crypto assets are here to stay, even though they have banned their credit cards from purchasing the stuff. According to the report, the entire ecosystem of crypto is volatile, but it present’s the discerning investor with profit during its wild swings.
Litecoin itself seems to be gaining ground on the development front, approaching its first Mainnet release, and an article about Amazon potentially using Ltc and LitePay made its rounds over the weekend. Investor sentiment is high, and Ltc was one of the first coins to rally, posting strong gains as trading started for the week of March 12.
Litecoin ($LTC) Weekly Analysis
First the markets:
Litecoin succeeded in holding losses below $155, and recovered against the US Dollar into the $190 range. There is a key bullish trend line forming with support at $181 on the hourly chart of the LTC/USD pair. The pair must break the $192-195 resistance area to continue its upside move, but an investor should be prepared for a correction.
Litecoin as a whole though seems to be ready to tackle big competitors in 2018. As the markets shake off the stress of the Mt. Gox debacle, several key realizations crossed my mind. The trustee in this infamous bankruptcy case has done everything he can to secure the highest price possible for his creditors, as is his job. He purposely sold massive amounts of coins into the market at key points of volatility, and many have said it was a textbook case of market manipulation, others say he was clearly trying to crash the market.
The truth is that he created a few fantastic buying opportunities, and perhaps we will all look back at this time and see it for the opportunity it really was to buy coins at a depressed price, due to high volume being flooded into the market.
If this trustee wanted to crash the market, he failed.
We are all still here, many portfolios are intact, and prices are rallying across the board, Bitcoin prices have recovered after a sustained flood lasting about 8 months, and although it has been the market leader in price and recognition for 10 years, it may very well be overtaken in 2018 by one of several contenders.
Litecoin is definitely at the front of the pack in market cap growth and resilience, measured in ability to bounce back after a fall, and could be a contender to compete shoulder to shoulder with Bitcoin.
The week ahead looks like we are forming the beginning of a bull market, and internet forums and chat rooms are full of excitement and hope for the future of Crypto. I add my enthusiasm to the mix, and it seems that crypto currencies are forcing market adoption around the globe.
The opportunities abound. Trade safe!