Litecoin drops down below $45
Litecoin has taken a dip below $45 in recent hours. In my opinion we're at a pretty good buy point here below $45. I think the buy zone for a long on litecoin is in the $40-45 range.
Litecoin has consistent volume
I think Litecoin has been undervalued in the alt coin rise over the past 6 months. It is consistently a top volume coin, often times holding the #2 spot over Ethereum despite having a much smaller market cap. When we started the year, Ethereum had a much smaller difference in market size between itself and Litecoin. Litecoin is used more for actual payments then Ethereum, and therefore has more real value, and in time the market will figure that out.
Testing .786 retracement zone
Litecoin is testing the .786 retracement zone currently at around $46.42. It has broken below this zone already twice, so I expect we will see it drop below it and head towards the .618 retracement line. I am not sure we will break all the way below it before resuming our uptrend for Litecoin. As I said I think anything below $45 is a good buy, we may see Litecoin dip back down below $40, but I expect it will be brief.
Looking Forward
looking forwad a 1.618 extension brings Litecoin up to $92. I expect we will see it sore to these heights at some point nearly the end of this summer or early fall.
