Above: Litecoin (LTCUSD) Month-to-month Chart
In my video for Litecoin at present, I focus on how we are able to mission Litecion’s future new all-time excessive using a foldback and easy value measure software. Litecoin nonetheless hasn’t reached its prior all-time highs regardless that each single different crpyotcurrency appears to have reached its prior all-time highs after which exceeded them by giant margins. Litecoin may simply be thrown into the dustbin of cryptocurrency historical past, however it’s nonetheless and necessary cryptocurrency type an institutional standpoint. It’s nonetheless thought of one of many main ‘three’ cryptocurrencies. I don’t count on to see Litecoin commerce the identical down swing within the foldback sample. As an alternative, I count on it to do the identical swing, however greater (a mirrored foldback). If we measure the transfer from the lows from the start of Litecoin’s chart to the all-time excessive in 2017, we see an insane 10,000+% transfer. If we apply that very same proportion transfer to the current worth space, then we might see Litecoin buying and selling at 25,000 – not going. As an alternative, we should be somewhat extra ‘lifelike’ (which is difficult to do on this area) with our projections. I’ve as an alternative centered on 50% of the vary and that gives us with a extra lifelike stage of 2500. I’d solely be fascinated with buying and selling to that stage if Litecoin can break the 420 worth space and maintain it as assist.
Above: Cardano (ADAUSD) Month-to-month Chart
I’m going to make the most of the identical strategies from Litecoin’s evaluation on Cardano’s. The highlighted value vary in yellow represents the foldback sample represented with the purple hash marks. Identical to Litecoin, I don’t count on to see Cardano expertise the following swing transfer decrease, however as an alternative do the mirrored foldback route and commerce greater. With Cardano’s chart we have to measure the rise from the start of its chart to the prior all-time a excessive somewhat in another way than we did with Litecoin. As an alternative of copying 16,000% transfer, I maintained the relative and proportional vary by dragging the zone to our present buying and selling vary. That places Cardano at a really fascinating value stage – the $3.00 worth space. It is sensible, to me, that we might observe this space to be the following main excessive. Within the video evaluation I did yesterday and at present, I identified the day by day and weekly extension ranges seem to create a confluence close to the $2.618 worth space – don’t confuse with the two.618 Fibonacci stage (loopy how that works). On the month-to-month chart above, I drew a Fibonacci extension from the all-time low in final March, to the July 2020 swing excessive after which to our final main swing low in September 2020. The 1.618 Fibonacci extension from the degrees brings Cardano to three.144 – the following possible main excessive. If I have been a place dealer, I’d be throughout this setup in anticipation of a probable transfer over the following few months in direction of that $3 vary.