Litecoin price analysis: LTC/USD getting ready for a comeback, eyes on $180 as two Twitter campaigns take off
- The two campaigns are #LitecoinAcceptedHere and #PayWithLitecoin.
- Litecoin price will be supported at the 38.2% Fibo, $150 and $145 levels respectively.
Litecoin price, like most of the top ten cryptocurrencies, is nursing declines following an extended downside movement. The crypto is down 4.53% in the last 24 hours, but is supported above $150. Besides, it is currently trading a $154.4, while the upside is capped by the bullish trend line on the 4-hour timeframe chart.
In a bid to encourage the use of Litecoin, the network is running a couple of campaigns on Twitter. Litecoin (LTC) is requesting the supporters to assist in spreading the good word about the solutions Litecoin offers. The two campaigns are #LitecoinAcceptedHere and #PayWithLitecoin, besides the campaign set off with a tweet that said “Does your business accept Litecoin?”
Litecoin price has been struggling to stay afloat even losing its 5th position on coin raking to EOS based on market capitalization. The campaign could help increase spread awareness about the cryptocurrency and encourage more adoption. The ripple effect of the same could see Litecoin price back on its feet.
In the meantime, LTC/USD is battling to break above ascending trend line on the chart. The 100 SMA is offering resistance at the same level while the 50 SMA will provide further resistance above $160. On the downside, the 38.2% Fib retracement level with the last swing high of $179 and a low of $110 will provide short-term support. Significantly, several other support areas are highlighted on the same chart at $150 and $145 (50% Fibo).
LTC/USD 4-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
