The Litecoin price is acting strongly ahead of Bitcoin’s Segwit and Ethereum’s Byzantium. Earlier last week, Litecoin’s price touched 48 USD. Last week, it reached a high of 66.40 USD. A substantial rally but it could rise even more. 

Earlier this year, we published a Litecoin price forecast of 60 USD that was met in August 2017. We later on said that we will likely see Litecoin trade at 100 USD in 2018.

This article covers why we believe Litecoin’s price is still set up to go higher to meet and probably exceed 100 USD in 2018.

Litecoin price chart set up

Litecoin chart set up is Bullish. In September, Litecoin price dropped rather sharply and fell below its ascending channel. In fact, until mid-September 2017, Litecoin managed to maintain in a perfect uptrend. Its price chart is one of the most stable and least volatile relative to other cryptocurrencies.

We might see some resistance in the 70 USD area but overall, it seems Litecoin’s price is headed toward a retest of the recent all time high in the 90 USD area. If that resistance is broken, our 100 USD price target will be met.

Factors impacting Litecoin Price upside potential

Litecoin became a fast and highly scalable Cryptocurrency after a successful upgrade early 2017 and the deployment of the Lightening Network. The altcoin also benefited from a growing popularity and increased visibility since the creation of the Litecoin Alliance. We are seeing more and more exchanges and online trading platforms offer traders and investors access to Litecoin.

Another important factor investors need to keep an eye on is Litecoin’s merchant acceptance. After succeeding in setting up atomic swaps, Litecoin is now a fast and low cost payment method.

For these great features to be reflected on Litecoin price, the transactions volume needs to be high. For even if we have a bullish stance on Litecoin, it is still not considered as a store of value like Bitcoin or even Ethereum. That’s why transactions volume is crucial for Litecoin. So far, the transactions seem to be increasing at a steady pace as shown by the chart below.