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50 million merchants accept Litecoin payments driving massive spike in on-chain activity

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  • World’s largest and most well-known brands are tapping into the growing cryptocurrency market through Bitpay’s partnership with Verifone. 
  • Spike in Litecoin payments is driving altcoin’s on-chain activity higher.
  • Litecoin has offered the third-highest risk-adjusted returns over the past 24 hours. 
  • Institutional investors have historically favored altcoins that have been around for over four years, like Ethereum and Litecoin. 

Litecoin on-chain activity exploded with a rise in payments on the network. The altcoin currently ranks in the top 20 cryptocurrencies based on market capitalization. 

The adoption of Litecoin payments is on the rise

BitPay, a Bitcoin service provider and Verifone have partnered to drive the adoption of digital payments through Litecoin. Verifone, an American multinational firm, works with over 600,000 merchants and manages over $10.4 billion in transactions online. In-store transactions of Verifone exceed $440 billion. 

The firm’s merchant base has offered Litecoin exposure to well-known brands looking to tap into the growing cryptocurrency market. 

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Litecoin has now reached over 50 million merchants worldwide, and there is a massive spike in the on-chain activity of the altcoin. The cryptocurrency has offered the third-highest risk-adjusted returns over the past 24 hours in the ongoing price rally.

Institutional capital inflow is another factor that drives altcoin prices higher. Institutions have favored cryptocurrencies like Ethereum and Litecoin since these assets have been around for over four years.

Advanced crypto custody solutions and crypto asset managers have increased their Litecoin holdings over the past year.

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Cryptocurrency analysts have noted the spike in LTC price since September 2021. Technical analyst and cryptocurrency trader @crypto_birb recently tweeted:

Cryptocurrency analyst and YouTuber at Rockstar Trading was quoted in a recent video, 

I think in the upcoming bull run, Litecoin will get a massive pump, and it’s seriously undervalued.

Recently, the Litecoin Network celebrated its tenth anniversary; the network first went live in October 2011. Since then, LTC adoption has been driving the altcoin’s price higher every cycle. 

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Litecoin Forecast and Analysis December 8, 2021

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LTC/USD quotes are traded at 160.74 and continue to move as part of the correction and the downward channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $11,244,376,721. Moving averages indicate a short-term bearish trend for Litecoin. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the area of ​​175.05. Where can we expect a rebound down again and the continuation of the fall in the Litecoin rate with a potential target below the level of 110.05.

Litecoin Forecast and Analysis December 8, 2021

An additional signal in favor of lowering LTC/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the coin drop option, a strong growth in the fall in the value of the asset and the breakdown of the 205.55 area. This will indicate a breakdown of the resistance area and continued growth in the cryptocurrency rate with a potential target above the level of 265.05. With the breakdown of the resistance area and closing of quotations above the level of 130.05, we should expect confirmation of the development of a bearish trend in Litecoin.

Litecoin Forecast and Analysis December 8, 2021

Litecoin Forecast and Analysis December 8, 2021 implies an attempt to correct and test the resistance area near the level of 175.05. Where can we expect a rebound and the continuation of the fall in the LTC/USD price to the area below the level of 110.05. An additional signal in favor of a decline in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 205.55 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 265.05.

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Litecoin price analysis: LTC recovers to $162, gaining eight percent overnight

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  • Litecoin price analysis is giving bullish hints.
  • Resistance for LTC is present at $165.2.
  • Support is present at $161.3.

The Litecoin price analysis shows that bulls are leading the charts for today amid an overall downtrend. Bulls are continuing their lead for today as well, as they took control over price function yesterday, following a strong bearish slide. Overall, LTC has been on a downslide since 15th November, when the price peaked at $279 on 14th November, Litecoin has gone through severe losses during this period, and still, the larger trend is the same. The cryptocurrency also incurred losses in the past four hours as well.

LTC/USD 1-day price chart: Price towers above $162

The 1-day price chart for Litecoin price analysis shows positive price movement of LTC. Although the past week has damaged the coin’s value a lot but today, bulls have managed to take the price up to make some recovery as now LTC is trading hands at $162.4 at the time of writing. Today’s upwards movement though small but is helpful considering the overall downfall. However, the bullish momentum is not strong enough as the price, after swinging as high as $165.6, has reverted back to the current price level as bulls were unable to break through the $165 resistance. A contributing factor to the low bullish esteem can be the decline in trading volume, which is also down by 19.2 percent today.

Litecoin price analysis: LTC recovers to $162, gaining eight percent overnight 1

Talking of the moving average (MA), its value is present far above the price level at the $184 mark. The volatility is also high as the Bollinger bands still cover more area, with the upper band located at the $241 mark and the lower band present at the $156 mark. The mean average of the Bollinger bands is present above the MA level at the $199 mark. The relative strength index (RSI) has increased a little bit, but the curve is again straightening up, hinting at a lack of momentum. The RSI is present at index 34.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis shows the price breakout was downwards today and remained bearish during the first eight hours today. Then bulls made a comeback and elevated the price to $165.6, BUT again a bearish activity has been going on during the last four hours. This is a worrisome sign as, despite the price still in the green, the bears have been leading for most of the time.

Litecoin price analysis: LTC recovers to $162, gaining eight percent overnight 2
LTC/USD 4-hours price chart. Source: Trading view

The MA is trading below the price level on the 4-hour chart as it is present at $156, also below the volatility indicator’s average line. The Bollinger bands also show low volatility as the Bollinger bands have converged sharply today and have formed a narrow channel for price function to follow, with the upper band at the $167 mark and the lower band at the $156 mark. The RSI is again showing downslope as the price function was also downwards during the last four hours due to the selling activity in the market.

Litecoin price analysis conclusion

The Litecoin price analysis shows the coin price has increased today, but the price function has been downwards for most of the day. The price has been headed downwards in the last four hours as well. Chances are for the price to move both sides depending upon which side overpowers the other. If the upside continues then, LTC bulls will have to break through above the $165 resistance level. If selling pressure persists, then LTC may revisit the $161 range.

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Litecoin (LTC/USD) forecast and analysis on December 8, 2021

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Cryptocurrency Litecoin (LTC/USD) is trading at 160.02. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bars.

Litecoin (LTC/USD) forecast and analysis on December 8, 2021

As part of the Litecoin course forecast, a test level of 173.20 is expected. Where can we expect an attempt to continue the fall in LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 121.60. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator strip at 173.50.

Litecoin (LTC/USD) forecast and analysis on December 8, 2021

Cancellation of the option to continue the decline in the Litecoin rate will be a breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair above the 205.20 area. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on December 8, 2021 implies a test level of 173.20. Further, the continuation of the fall to the area below the level of 121.60 is expected. The conservative area for selling is located area of ​​173.50. Cancellation of the option of falling cryptocurrency will be a breakdown of the level of 205.20. In this case, we should expect continued growth.

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