- 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 is accepted anywhere VISA is.. the #Litecoin Card converts $LTC at the time of purchase. You can also connect the card with the @Litewallet_App #PaywithLitecoin #Hodl #SundayThoughtshttps://t.co/rOzz9zoXRD pic.twitter.com/AR4wXqCPg6
— Litecoin (@litecoin) November 14, 2021
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
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.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.