According to the CryptoTrend tool Crypto Online, Litecoin is currently valued at $ 43.79. But what are the prospects for Litecoin (LTC) for the medium-term experts?
What do the experts expect from Litecoin in the medium term?
Litecoin has experienced significant volatility in the past 7 days. Last Saturday in particular, the cryptocurrency rose from $ 47.52 to $ 42.01 in an hour, down 11.6%.
In this regard, Bitcoin suffered a 15% decline on May 10 last Saturday, resulting in the collapse of Litecoin’s long-term ascending wedge pattern.
Yesterday, the cryptocurrency saw a recovery of around 2.52%. This allowed him to recover to around $ 43.
Nathan Batchelor wrote on Capital.com yesterday that after a technical analysis of Litecoin, he saw a bearish breakout from a large triangle pattern that could occur in daily timeframes.
In this context, Batchelor notes that depending on the size of the triangle pattern, a break below the key value of $ 41 could lower the LTC to values like $ 20. As a result, it is concluded that Litecoin is declining in the medium term, while the price is below the $ 51.5 level.
Similar to Batchelor’s opinion, Biraajman Tamuly, journalist and cryptocurrency analyst, found that the chances of another bull run are very slim.
Tamuly also noted that if Litecoin breaks out of the current pattern, it could drop to $ 37.
Can we see an LTC at $ 3,000?
Previously, at CryptoTrend, we reported that some predictions indicated a Litecoin that could reach the incredible $ 3,000 level. But is this prediction still valid?
The reality is that before Bitcoin’s halving predictions were made that Bitcoin (BTC) would hit 100,000 after the event. Accordingly, Apple App Review found that Litecoin could be listed at $ 3,000 in this case.
Litecoin is the sleeping giant that is just waking up. We could see the price of Litecoin reach $ 3,000 when Bitcoin rises to $ 100,000. “, he pointed out at the time.
This would mean an approximate 6,750% increase in cryptocurrency, but now seems to be a fairly distant target.
Is it possible? We can only make sure that everything is possible in the crypto market, and so it is very difficult to know exactly what will happen.
As always, there are bullish and bearish prospects for Litecoin, but only time will tell who was right.