Litecoin (LTC) Price All Set for a Bullish Phase Due to Recent Adoption

Litecoin (LTC) Price All Set for a Bullish Phase Due to Recent Adoption
  • Visa recently upgraded its Litecoin Card to enable users to spend LTC.
  • LTC is likely to make a push for the 50% retracement level at $217.

LTC is poised to reverse its recent decline after breaking over a key demand barrier. A surge in buying pressure might spark a recovery, but LTC must first clear a key hurdle.

LHV Pank, an Estonian banking and financial services organization, has just joined the Litecoin adoption list in 2021. On November 21, the organization stated that consumers might invest in Litecoin and other cryptocurrencies. LHV is now the first Estonian bank to allow clients to acquire and store cryptocurrency. These are the assets that Estonians banking with LHV Pank may trade.

This comes after Visa recently upgraded its Litecoin Card to enable users to spend LTC anywhere. Unlike other cryptocurrencies, large assets like LTC and BTC are utilized for services, commodities, and de-facto currency. BitPay, Travala, and more retailers accept LTC. While this strengthens Litecoin’s fundamentals, investors may relax as the technicals are positive.

Need to Break Critical Barriers

Litecoin’s price has fallen about 30% from its November 10 peak of $295.86. LTC is presently trading at $210, indicating an uptrend. Before an upsurge occurs, the market is expected to go below the 61.8 percent Fibonacci retracement line at $198.

Regardless of the downturn, LTC is likely to make a push for the 50% retracement level at $217. A daily candlestick close above this level indicates an uptrend. In this event, traders should anticipate Litecoin to go beyond $234. Bulls may push LTC to $246, a 20% increase from $205.

LTC/USDT: Source: TradingView

However, if LTC drops below $198 and fails to rebound, the upward move may be delayed. Moreover, this move indicates that Litecoin’s price will likely retest the 70.5 percent Fibonacci retracement level around $185, where the bull movement will likely resume. The bullish hypothesis is invalidated by closing below $172, and the range bottom of $139 may be reached.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.