LTC/USD capped by $60.00 as crypto experts don’t buy into Litecoin’s potential

• LTC/USD retraced from important resistance zone.  
• Crypto experts expect that Litecoin’s price will go down over long-term period.

Litecoin, the 7th largest digital asset with a market value of $3.4B, is changing hands at $58.97, gaining 2.6% in recent 24 hours. The coin’s average daily trading volumes are set at $374M. LTC/USD retraced from Monday’s high of $59.99 as the upside momentum faded away on approach to critical resistance $60.00.

What’s going on

While Litecoin demonstrates positive short-term momentum, the upside may be limited as this is the only coin out of top-10 that is expected to drop in value over the long-term period. The survey, carried out by Finder.com among nine crypto experts shows that LTC is expected to meet New Year at $60.00 only to resume sliding towards $55.00 by the end of 2019.

“I want to like this one, but it just doesn’t make as much sense to me. I have not seen any real-world use for it as of yet that resonates. If you have some good practical uses, please write to me,” Joseph Raczynski says.  

Mr. Raczynski expects to see LTC at $70.00 by the end of 2018, which is the most optimistic forecast for the coin.

Litecoin’s technical picture

As it is visible on a 4-hour chart, the local support for LTC/USD is produced by SMA40 at $58.58. A sustainable movement below this level will trigger more losses with the initial aim at $57.14 (SMA200, 4-hour) and psychological $57.00.  

On the upside, the recovery is capped by $60.00. The coin will continue moving sideways as long as this handle remains unbroken. Once it is cleared, the upside may be extended towards $61.46 (October 2 high).

LTC/USD, 4-hour chart