Litecoin Price Analysis: LTC/USD Bulls are Sharpening Their Horns; Litecoin Foundation Announces Two Big Partnerships for Mass Adoption Efforts

  • Litecoin price on Thursday is holding steady, trading in minor positive territory, up 1.5% at the time of writing. The bulls appear to be readying for another attempt to drive further north.
  • The Litecoin Foundation announced two new partnerships; Glory, a global kickboxing organization and K-Pop concert production company, as well as C&U Entertainment Global.

LTC/USD: Recent Price Behavior

Litecoin’s price is in the waiting room again ahead of its next committed move. Cautious trading has been evident over the past four sessions since the steep selling on Sunday. Volumes have declined again after a decent pick up between 8th – 24th February, where the price did see some decent volatility. The volume levels seen today are somewhat similar to those observed from 11th January – 7th February. LTC/USD was moving within a narrowing daily range block formation, which was then broken aggressively by the bulls.

Litecoin – Glory Partnership

The Litecoin Foundation recently announced that it has entered into a new partnership with Glory, an international kickboxing organization. Litecoin has become the official cryptocurrency of the combat league. Glory is a world-leading competitive combat league; it is owned by Glory Sports International. The company has events all year round, with exposure to over 200 territories globally via media distribution.

Litecoin via its official Twitter account said:

“Excited to announce a new partnership with @GLORY_WS that will see Litecoin becoming the official cryptocurrency of the world’s premier kickboxing organisation. Read more about how you’ll be able to pay with Litecoin for GLORY events and more.” 

Litecoin-C&U Entertainment Global Partnership for Mass Adoption

The Litecoin Foundation has no doubt been busy, as they announce another partnership, this time with K-Pop concert production company C&U Entertainment Global. Litecoin is going to be offering the best seats in the house with Ultra VIP tickets for purchase in LTC for an upcoming K-Pop concert on 6th April. The show will feature several K-Pop sensations including Kim Jong Kook, Ailee, WheeSung, HaHa, Huh Gak and Skull.

Litecoin founder Charlie Lee commented on this partnership:

“These entertainers have millions of followers across the globe, who in large part, are familiar with cryptocurrency and are historically early adopters of new technologies. The ability to tap into this type of audience through education and real-world use cases can be really powerful for Litecoin.”

Technical Review – LTC/USD

LTC/USD daily chart. 

The next upside barrier for the bulls would be to break down and conquer the psychological $50 mark again. Just ahead sees the following area of supply, which tracks from the $48-&50 price range. Should the bulls manage to break this area down, then a retest of the $54-$57 zone will be eyed. LTC/USD has not comfortably traded above this since October 2018. The considerable selling pressure on Sunday came as the price saw a rejection within this zone.

Furthermore, in terms of support, this tracks from $43-$40 where the price sought refuge on Sunday and between 11-14th February most recently. If the bears force a breach of the noted territory, then a fast move down to the $37-$34 range would be seen. A drop such as described would see the February gains completely given back. Finally, any further pressure could see the $30 given up, with the next zone tracking from $30-$28.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.