LTC will soon hit $ 200 – Bitcoin Magazine

LTC, one of the pioneers in the crypto space, has been pretty quiet so far. In fact, at the time of writing, it is still 54% below its all-time high of $ 412. However, recent developments in the ecosystem as well as increasing acceptance act as catalysts for growth.

However, with LTC currently hovering near the $ 191 mark, the pricing action for dealers and LTC owners has remained largely unchanged.

LTC 4 Hour Price Chart | Source: Tradingview

Increased reception

LTC payments seem to be becoming more and more accepted. Recently, BitPay (a bitcoin service provider) and Verifone worked together to promote the adoption of digital payments through LTC.

Verifone is one of the world’s largest point-of-sale payment processors, processing nearly $ 440 billion in transactions annually. BitPay is a crypto payment processor that handles over 60,000 consumer transactions per month with BTC, ETH, LTC …

Amid increasing adoption, LTC’s on-chain activity has exploded along with the surge in payments on the network. At the same time, the number of LTC transactions has recovered to over 140,000 in the past few days, after falling near the 100,000 mark in early October.

This happened just days after the Litecoin Foundation tweets on the introduction of the LTC Visa debit card from the fintech company Unbanked. In addition, LTC / USD trading volume rose more than 60% to $ 2.51 billion on October 27, compared to $ 824.5 million on October 26, 2021.

Price (green) and trading volume USD (LTC) (orange) | The source: Sanbase

Additionally, according to the Litecoin Foundation, LTC has reached more than 50 million merchants worldwide as institutional investments have increased. This was accompanied by a modest increase in the number of active and new addresses.

In fact, the number of new addresses had hit an all-time high of 306,447 at the time of going to press. This shows that new subscribers are pouring into the network as LTC conversions and payouts increase.

Number of new LTC addresses | The source: Glass knot

What about the LTC price?

While LTC does well on the adoption front in both consumer finance and institutional investing, the price appears to be in a range. In fact, the altcoin fell nearly 11% during the October 27 sell-off despite the on-chain index showing bullish signals.

Price seeks to hold the major 100- and 200-day moving averages (MA) long-term, while failing to hold the short-term MA. One pretty interesting trend is that LTC is at a 10-year low versus BTC when fundamentals look strong. So could this be a breakout sign? Historically, LTC rebounded every time it hit such a low on the BTC chart.

The source: LTCJ

In less time, LTC is finally picking up speed. This altcoin is trading at $ 191, up more than 2% over the day. However, should LTC give way in the short term, it will find support at $ 160.

At the time of writing, LTC appears to have gained momentum and a $ 200 rally doesn’t seem too far-fetched. In fact, with bullish activity in the chain, it could soon climb to $ 230, provided the bulls keep pushing.

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