- Litecoin price is likely to increase by 20% after falling from $210 to $233 demand area.
- LTC can be used anywhere you use Visa, according to a recent announcement.
- A lower drop below $210 would invalidate the bullish theory.
Litecoin price has fallen sharply over the past day and may continue to fall further before seeing a pickup in buying pressure. Investors can expect LTC to bounce from a crucial demand area to resume the rally.
Visa and LTC Payments
Litecoin adoption appears to have taken a huge leap as the official cryptocurrency Twitter account revealed that a “Litecoin Card” can be used to convert LTC into fiat currencies at the time of payment.
Litecoin Card is a fintech platform powered by Unbanked that allows users to pay in real time using cryptocurrencies. Mention the Litecoin Twitter account.
Litecoin is accepted wherever VISA is.
This adoption will allow users to actively use LTC to buy whatever they want, just like how a Visa debit/credit card works. While this adoption increases the underlying value of the altcoin, the development comes right after AMC Theaters announced that they would accept Litecoin as a form of payment.
Along with the LTC fundamentals seeing massive support, the overall technical indicators are also pointing to the possibility of an upside move.
Litecoin price is preparing to move higher
Litecoin price has been consolidating above the $210-$233 demand zone and the $315 resistance barrier for almost a week now. However, the recent 15% correction appears to have caused a bearish move.
From now on, investors can expect Litecoin price to drop in the mentioned demand area. This move will allow LTC to recover and give marginal buyers an opportunity to buy altcoin at a discount. Therefore, investors can expect the Litecoin price to rise and face a 50% retracement level at $272.
While this barrier is important, a breakout of Monday’s high at $281 is likely to be the target of the market makers. The move would mark a 20% rise from $233.
4 hour chart LTC / USDT
On the other hand, if Litecoin price fails to bounce off the $210-$233 demand area but continues to stay inside it, things will start to go awry. A breakdown of the $210 level and the daily close below it will invalidate the bullish theory.
In such a scenario, Litecoin price could retest the November 6 swing low at $190.