Ethereum and Litecoin: Price Speculation
As summer approaches, crypto currencies flourish with the majority of the interest in Bitcoin, Ethereum and Litecoin. High volume markets can be difficult to analyze for an alt-coin day trader, my outlook on these currencies tends to be as bullish as possible. Over the last month, there has been excellent opportunities to buy all 3 of these currencies: BTC @ 888 USD, ETH @ 0.0334 and LTC @ 0.004. The total market cap has increased enough to sustained these prices over the long term and for profitable trading.
Ethereum: current price 0.0532 BTC / $75 USD. A recent spike has brought it above 0.054, and I expect to see some high trading volumes on a downtrend. There is a small possibility that it will trade around 0.0525 for a short time (2 days) and move back down below 0.04. A more likely scenario would be that it reaches 0.0475, 0.046 or even lows of 0.04265 before seeing another climb. I predict that it will test the 0.04765 range before taking a jump to the vicinity of 0.0555. If a downtrend lasts more than a few days and reaches 0.0437, buy pressure could drive it nearer to 0.06 and above.
Litecoin: with SegWit activation bringing it into the spotlight, we have yet to see a significant spike since the end of March. There has been a 50% climb against the USD in the last week, but this can be attributed to BTC prices reaching new highs. I anticipate LTC to keep going on a general uptrend until it reaches $20 ~ $25.
From its standing floor of 0.0106 to 0.0122, I predict that the spread will continue to tighten toward 0.0105 in the next few days. This should cause a rebound and will continue to test these prices until the attention has been taken off the $80/$100 Dash prices. I would still consider LTC a buy for long term holding depending on your buy-in price of Bitcoin. I don’t anticipate it’s value to fall lower than 0.0092 or 0.0085 in the near future, at which point I would suggest to buy more.
These market predictions are my own opinion and should be taken as an example, not a guide. Always do your own research and analysis.
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