I am relatively new to understanding the blockchain but I have been trading the “Big 3” of Bitcoin, Erethriem and Litecoin for a couple of years now. My litecoin holdings have lessened over the years a lot but now I see litecoin steadily over $200.00 per coin now. My senior Aunt is asking me when is good time for her to buy some litecoins. I suggested when it gets back under $200.00 but since I told her it has only grown higher. Should I tell her to buy now then? Is it anticipated to continue to grow like both bitcoin and Erethriem is? I am very thankful for the increases personally as I got in at $45 per coin when I did. I want others including my Aunt to be able to make a profit if they do buy cryptocurrencies. Can she still do that with litecoin? What is the projection in pricing for the near to intermediate future for litecoin? Thank you to all who help answer these questions for me.
I looked around and saw that it should fall, before going back up. But it hasn’t fallen…
It would be irresponsible to predict the future. Nobody knows what will happen with the price. Anyone who sais otherwise is a liar. Any time it can go down 30-50% or it can go up 30-50%. In the long term (5-10 years) one can expect BTC and LTC will go up, but there is no guarantee. You might as well lose what you put in these. Be responsible with your and especially with others’ savings.
I agree with your statements and do not mess with things when i am not sure of the results. My Aunt is a long time investor who taught me how herself. Now 15 years later we bounce ideas off of each other. I have litecoin myself and it has been profitable so she asked about it. I do not yet have enough data or information to explain it to her. I told her to hold of and to study the charts and that I would pass along anything I found or learned.
I recommend reading about Litecoin itself. How it came to be and how is it different from BTC. Recently a big project started in which MimbleWimble extension blocks would be introduced to Litecoin. I think you should read about these and also the problems in Litecoin, as there are only a few dedicated developers. But most development in Bitcoin is introduced to Litecoin, too.
Read about the project and try to guess if it has some space for itself in the future next to Bitcoin.
I made this Trading View chart (Describing Litecoin Trends for BITFINEX:LTCUSD by MakeVideos — TradingView) to illustrate the up trend on LTC. Currently, LTC is being hold by LTCBTC ratio, but the downtrend on LTCBTC is showing it’s fatigue (Is LTCBTC RSI starting to divert? for BITSTAMP:LTCBTC by MakeVideos — TradingView). RSI already diverted and the prices on 4H changed direction. (Hit play on Trading View)
Also, all the resistance towards the ATH (All Time High) price on LTC is gone. LTC already passed by almost all the resistances it could face, currently around $250. Last resistances are: $300-305, and ATH at ~$375.
So, “this is not an advice”, but… I will HODL…
I got into crypto just earlier this year and made my choice to buy Litecoin (before joining the forum, Reddit, or Twitter) based on the characteristics of the coin and what I saw as undervaluation. I still believe it is undervalued, but as others have said no one can guarantee that it will fall under $200 again, or that it will rise and make you a profit.
Just keep in mind that (-) her risk is very different from yours buying in at $45 vs $250, (+) but there are a lot of good things to come e.g. MWEB (roadmap: https://wenmweb.com/), global Paypal crypto implementation.
Consider her timeline i.e. whether this is a short or long term play for her, and also that it might be safer to DCA in instead of spending a lump sum.
While maintaining the up trend, LTC can go as low as $166 on weekly chart. So, don’t panic when it goes under $200 because it will bounce back. If it bounces and revert the trend, then it might revert the trend and you should look at the monthly chart.
Thank you so much. I did take the advice here by reading up more and the long term benefit for my Aunt. She bought 5 Litecoins a week ago now and my wife also got in it too.