News

Litecoin Price Analysis – When Will $200 USD Price Resistance Break?

Litecoin (LTC), one of the original coins in the cryptocurrency sector, has had a rather quiet period recently. In reality, the coin was still down 54% from its all-time high of $410 at the time of writing. Nonetheless, recent innovations in the ecosystem, as well as the increased use of LTC, have worked as growth accelerators.

However, with LTC’s price still hovering around $187, the price instability is becoming increasingly concerning for LTC holders and traders.

Adoption is becoming more popular.

Litecoin payments appear to be gaining popularity. BitPay, a Bitcoin service provider, and Verifone recently teamed up to promote the use of LTC for digital payments.

Verifone is one of the largest point-of-sale payment processors in the world, processing almost $440 billion in annual transactions. BitPay is a cryptocurrency payment processor that processes over 60,000 monthly consumer transactions using BTC, ETH, LTC, and other cryptocurrencies.

Litecoin (LTC) on-chain activity expanded as a result of the increasing popularity, with an increase in payments on the network. In parallel, the number of LTC transactions has increased to around 140K in the previous few days, after falling below 100K in early October.

This happened just days after the Litecoin Foundation announced the debut of its LTC Visa Debit card, which was powered by fintech company Unbanked. Additionally, LTC’s USD transaction volume increased by more than 60% to $2.51 billion on October 27, compared to 824.5 million on October 26, 2021.

LTC had also reached over 50 million merchants worldwide, according to the Litecoin Foundation, as the altcoin saw significant institutional investments. This coincided with a slight increase in LTC’s active and new addresses.

At the time of writing, Litecoin’s new addresses have reached an all-time high of 306,447. As transitions and LTC payments increased, so did the number of new players migrating to the network.

When Will Litecoin Recieve Support Above $200 USD Resistance?

While LTC has performed well in terms of consumer finance and institutional investments, its price appears to be trapped in a range. In fact, despite on-chain indicators flashing strong signals, LTC plummeted nearly 11% in selloffs on October 27.

The price of Litecoin is attempting to hold its long-term moving averages of 100 and 200 days while failing to hold its short-term moving average. One notable trend was that Litecoin was trading at a ten-year low against Bitcoin, despite the fact that LTC’s fundamentals appeared to be robust. Could this be a precursor to a breakout? Historically, Litecoin has seen a massive bounce whenever it has seen such low levels on the LTC/BTC chart.

LTC had begun to gain traction in a shorter time frame as well. On a daily basis, the alt was trading at $187, indicating an almost 2% increase. If LTC falls in the near future, though, it will find support at $160.

At the time of writing, LTC appeared to be gaining traction, and a break above the $200 barrier didn’t appear to be too far away for now.

Litecoin Price Analysis - When Will $200 USD Price Resistance Break?

Litecoin Price Prediction – Source: CoinMarketCap

Leave a Comment

Your email address will not be published. Required fields are marked *