Litecoin lost its place as the 5th largest coin. The coin has not recovered from the December 2017 dip that rocked major Coins. Will the dip continue or price advance from the current level? With 4 January Litecoin price prediction, there could be a technical clue.
4 January, AtoZForex - In just three days Litecoin dropped close to 59% at the back of an impressive rally. The 3-day dip saw price plummeted from >370 to $150. There was a sharp move upside but was not enough for total recovery. ETH and XRP have both recovered and even made new highs. Litecoin is now the 7th largest traded coin dropping two places to Cardano and NEM. Will the recovery happen anytime soon or price will dip further?
In the last update, I expected the drop to continue below $175. We looked at two technical basis for this thought. A head and shoulder pattern and a classic Elliott wave 3-wave drop. The chart below was used in the last update.
LTCUSD Elliott wave analysis, H4 (click to zoom)
According to this forecast, price has completed the 3rd wave since LTC started. The 2nd wave was shallow, so the 4th wave should be sharp as we are seeing now (Alternation principle). A further dip to $150 is highly likely. There is a possibility that price will surge further after the dip to make a new high above $600.
Since price rallied slightly for wave b, it has moved up and down within the range of a triangle pattern. LTC may soon get its next direction soon.
4 January Litecoin price prediction: break up or down?
LTCUSD price chart, H4 (click to zoom)
The chart above shows that since the last update, price has gone sideways in the form of a triangle pattern. This pattern is one of the most easily spotted patterns. Based on Elliott wave ideology, a break below could happen to $120. Based on the recent price surge in ETH and XRP, it could be LTC's turn to advance. A break upside could give a fast 100% profit or more to $500-$600.
What is Litecoin?
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
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