Litecoin adoption bolsters with Visa as LTC dip triggers a 20% rally

  • Litecoin price is likely to rally 20% after a dip into the $210 to $233 demand zone.
  • LTC can be used anywhere Visa is used, according to a recent announcement.
  • A lower low below $210 will invalidate the bullish thesis.

Litecoin price has seen a sharp decline over the past day and might continue to drop more before it sees an uptick in buying pressure. Investors can expect LTC to bounce off a crucial demand zone to restart an upswing.

Visa and LTC payments

Litecoin adoption seems to be taking a massive leap as the official Twitter account of the cryptocurrency revealed that ‘Litecoin Card’ can be used to convert LTC to fiat at the time of payment.

Litecoin Card is a fintech platform powered by Unbanked and allows users to pay in real-time using cryptocurrencies. The Litecoin Twitter account stated.

Litecoin is accepted anywhere VISA is.

This adoption will allow users to actively use LTC for purchasing whatever they want, just as how a Visa debit/credit card would work. While this adoption increases the fundamental value of the altcoin, the development comes right after AMC Theatres’s announcement that they will accept Litecoin as a form of payment.

Together with the fundamentals of LTC seeing a massive boost, the overarching technicals also suggest that an uptrend is likely.

Litecoin price prepares for move higher

Litecoin price has been stuck consolidating above $210 to $233 demand zone and the $315 resistance barrier for roughly a week now. However, the recent 15% correction seems to have triggered a move lower.

Going forward, investors can expect Litecoin price to dip into the said demand zone. This move will allow LTC to recuperate and give the sidelined buyers an opportunity to buy the altcoin at a discounted price. Therefore, investors can expect Litecoin price to rally higher and encounter the 50% retracement level at $272.

While this barrier is significant, a sweep of Monday’s high at $281 would likely be the market makers’ target. This move would represent a 20% upswing from $233.

LTC/USDT 4-hour chart

LTC/USDT 4-hour chart

On the other hand, if Litecoin price fails to bounce off the $210 to $233 demand zone but proceeds to remain inside it, things would start to turn awry. A breakdown of the $210 level and a daily close below it would invalidate the bullish thesis.

In such a scenario, Litecoin price could retest the November 6 swing low at  $190.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP price to pull a 180 as Ripple bulls come out of the woodwork

XRP price lacks volatility as it trades close to a crucial support level. While a major reason for this is its correlation with Bitcoin, a part of it also arises from the lack of interest among the investors for this coin. There is a good chance Ripple could see a brief uptrend that pushes it toward the immediate resistance barrier.

More Ripple News

MATIC price gives bulls another opportunity to undo recent losses

MATIC price has seen an increase in selling pressure that has undone most of its gains from the last week. The retracement has knocked Polygon down to a stable barrier that is likely to sustain the incoming bearish momentum, allowing bulls to make a comeback.

More Polygon News upside limited to $0.54 as CRO faces multiple hurdles

A brief technical and on-chain analysis on price. Here, FXStreet's analysts evaluate where CRO could be heading next.

More News

Google prepares for a foray into crypto, plans to expand payment division

Google is planning to enter into the cryptocurrency space as the firm has hired a former PayPal executive to lead its payment division. The multinational technology company is laying out a broader strategy to team up with a wider range of financial services including digital assets.

More Cryptocurrencies news

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis