Is Litecoin on the way to $240?
Litecoin has seen some nice action over the last week. Up 26% which is a healthy gain, but not outside of fundamentals and following the trend of many other cryptocurrencies that are being pulled up by the bitcoin bull run.
Looking at the long-term chart, from 2017 to now, the next real resistance is $80, then $130, followed by $160 then $240. Volume has been picking up.
Outside of the chart technical, although things have appeared quiet on the Litecoin front, development is ongoing. There is a current discussion on a Velvet fork which will create cross-chain abilities between Litecoin and Cardano which will allow Litecoin to use the smart contract abilities of Cardano. At the moment Litecoin stands at being a payment coin and in a fast-changing blockchain world, being a payment coin is just not enough.
But besides all of that, there are other external factors that I believe will push the price to $240 and that’s the ability for some to now by cryptocurrency with Paypal.
4 coins are on offer by Paypal. Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Litecoin is currently the most affordable coin on Paypal and this is important. Paypal offers mass adoption, and many people are seeing cryptocurrency for sale for the first time. Price is going to be an emotional barrier. People will think, Hay I can get 1 bitcoin for less than $100, sure I won't even get a half Bitcoin cash for that, let alone ethereum or bitcoin. Once $100 is reached the next barrier will be the coin with the closet's price, which is Bitcoin Cash, currently trading at $254 – sure that’s the same resistance as the technology on the chart.
Most people are not shrewd investors. 1 full coin feels more valuable than fractions of a coin. Perception of the number of coins purchased against traditional value and affordability will play a bigger part in the buying process as the masses adopt cryptocurrency.
So what do you think? Is Litecoin about to 3x? Leave your comment below.
Disclaimer, this is not trading advice or investment advice. Cryptocurrency is very volatile and you could lose all you put in.