John Isige
Litecoin price is on the verge of flipping above a critical supply zone, as bulls firmly hold onto the reins. This $6.8 billion cryptocurrency is up a whopping 33% in the last 30 days and trading at $94.00 at the time of writing.
Investor sentiment toward Litecoin price greatly improved in January bolstered by expectations of a strategic partnership with Mastercard for a card payment program. With the launch of this card system, Litecoin price could kick off the second phase of its recovery, targeting $500.
Litecoin Card Debuts in Europe In Collaboration with Mastercard and Unbanked
The Litecoin Foundation has announced the launch of the Litecoin Card, after working hand in hand with Mastercard and Unbanked for the residents of the United Kingdom (UK) and Europe.
This development is not only significant to the cryptocurrency network but also crypto investors in the region. It also comes after two years of having the Litecoin Card in the United States.
The Litecoin Foundation revealed that the program will immediately spread across 84% of Europe’s population. Litecoin stands out for offering LTC as a mature digital asset for over a decade, making it one of the oldest and most trusted cryptocurrencies in the industry.
Litecoin was created to support fast and low-cost payments, something that Bitcoin (BTC), the oldest crypto, has not been able to achieve. The expansion to almost the entire Europe region is a big gesture to the residents who will from now on spend all across the Mastercard global network.
Charlie Lee, Litecoin’s founder said in the announcement that anticipation from the community has been overwhelming, with many people asking when the card payment service will reach residents in the UK and Europe.
“Unbanked has been a fantastic partner who delivered a LTC powered card program within the United States when others were unable to and Litecoin Foundation looks forward to working with them to scale access even further,” Lee said in a blog post.
The Litecoin Card is better positioned to receive support, with its unveilings in the new region. Unbanked and Mastercard have already established viable relationships with local players in Web3. Like Mastercard’s existing payment services, the Litecoin Card focuses on simplicity, security, and consumer protection.
“This initiative with Unbanked is to testament to that as we work to accelerate the issuance of crypto cards and empower choice in the market, knowing that it comes with the safety, security, and protections they would expect from our network,” reckoned Christian Rau, the current Senior Vice President Fintech and Crypto Enablement for Mastercard Europe.
The co-founder of Unbanked, Ian Kane celebrated the collaboration with Mastercard, lauding the payments company for its forward-thinking toward the digital asset economy. He added that it is this commitment that will now see residents of the UK and Europe spend their LTC with ease.
Similarly, Unbanked is one of the leading enablers of crypto payments and related technologies used by Web3 platforms. The organization provides services such as branded customer experiences, crypto wallets, while-label card issuance, and bank accounts among others.
Can the Litecoin Card Launch Propel LTC Price To $500?
Litecoin price has only slowed down during its approach to $100. However, the 15th largest crypto has sustained an uptrend from its December bottom of $61.26. The release of the Litecoin Card in the UK and Europe regions helped cushion the token from the claws of a bearish wave crisscrossing the market due to the spike in volatility leading to the US Federal Reserve decision on a possible interest rate hike in a few hours.
The daily chart shows Litecoin price holding above an accelerated rising trendline (dotted). Although its outlook appears strongly bullish, the supply zone between $95.00 and $100.00 is proving to be a challenge in the quest eyeing $500. Therefore, buyers have no choice but to keep the uptrend steady supported by the dotted trendline to keep the uptrend intact.
Meanwhile, the golden cross pattern, formed after the 50-day Exponential Moving Average (EMA) (in red) flipped above the 200-day EMA, hints at the rally not slowing down, at least not in the coming days – possibly weeks.
Technical indicators applied to the same daily chart depict confidence in the Litecoin price rally. For instance, the Moving Average Convergence Divergence (MACD) has just reconfirmed a buy signal. The histograms in the momentum indicator have also flipped green and above the mean line at 0.00, implying bulls have the upper hand.
At the same time, the On-Balance-Volume (OBV) hints at a possible breakout above $100 in the coming sessions or a few days. Price action above the supply zone between $95.00 and $100.00 might launch Litecoin price on an unstoppable rally to close the gap to $500.
Rekt Capital, a popular crypto analysis handle on Twitter affirmed on Wednesday that Litecoin has confirmed a breakout from its monthly bull flag. His forecast suggests Litecoin might reach highs of up to $150 following the breakout above $100. However, some investors could choose to take profit in the lower $120 range.
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This article was written for Business 2 Community by John Isige.
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