After a long and steady rise since the beginning of 2017 following the adoption of Segwit, Litecoin recently suffered from a correction.
According to the graph (below), we see that we have reached a strong support around the 0.1 BTC area. As reported in our last update to our Clients about the expectation from Litecoin to serve as a hedge of Bitcoin. In the Litecoin – USD graph, the story is completely different. The value maintains stability around $ 40, with slight volatility.
BUT WAIT - THERE IS MORE!
Word on the grapevine is that the founder of Litecoin and upper management are considering two alternatives.
An announcement of a new leadership team, from scratch.
Litecoin founder will retain a back-seat position and liquidate the majority, or all, of his holdings (coins).
We strongly believe that the first option will do more damage to Litecoin, so will very unlikely happen. With that said, we do fully expect the founder of Litecoin to make some sort of announcement toward the end of 2017 (November?). A short period of rise, in line with the huge Bitcoin run we still expect toward the end of November 2017 and December 2017, will pump the Litecoin price up - this is when we will sell.
What will we be doing:
Doubling our Litecoin postion. By the end of 2017, Litecoin values will take off despite major shake-ups with the founder and leadership, the coin will prevail through the end of 2017 and in 2018. We will sell 60% of our Litecoin once it peaks late 2017, after the expected announcement by the founder.