Litecoin starts February on a lovely note, as the second oldest cryptocurrency is all aglow in green. According to CoinGecko, the token has risen 34% in the monthly time frame with gains also being made in the weekly charts. This shows a gradual and steady climb towards its current resistance level.
The coin is known for being one of the most reliable cryptos in the market. According to BitPay, the oldest crypto payment platform, although Litecoin has not overtaken Bitcoin as a means of payment, LTC has become a must-have for crypto enthusiasts who want to transition from traditional finance to cryptocurrencies.
Collaboration With Major Companies
Litecoin is becoming more ubiquitous as Unbanked and Mastercard teamed up to launch the Litecoin Card. This card will be made available in both Europe and the United Kingdom with the potential to reach over 84% of Europe’s population. This can be a catalyst for widespread adoption of crypto not just in Europe, but in the world.
According to Christian Rau, Senior Vice President of Mastercard Europe’s Fintech and Crypto Enablement arm, the initiative comes as a way of giving customers a choice of how they want to pay or be paid with.
This isn’t Mastercard’s first foray in the world of crypto and DeFi. On Tuesday, news of Mastercard and Binance’s prepaid crypto card hit the market. This prepaid card, touted the “Binance Card”, would be released in the next few weeks.
Considering that Litecoin is now mostly used as a payment method, we might be able to see the coin rise more in fame as a mode of payment.
LTC At $97.57 – Is $100 Just Around The Corner?
The coin is currently moving upwards steadily, currently trading at $97.57, and up nearly 12% in the last seven days. LTC is currently sitting above its $87 support. The consolidation of this support is expected to help the coin reach $100 or higher.
The recent development surrounding Litecoin’s new crypto card is also expected to have an effect on its price as it could drive demand upwards. With this in mind, investors and traders could settle long term comfortably.
LTC bulls should also watch the price movement of major cryptocurrencies as this could also have an impact on the coin’s price.
LTC total market cap at $6.9 billion on the daily chart | Chart: TradingView.com
If the bulls are successful in breaking through the current resistance, we can see Litecoin revert back to May 2022 price levels which could give investors and traders more room for upwards growth.
For now, investors and traders can be cozy with their LTC holdings or accumulate as recent developments are showing signals of optimism.
Featured image by DayWallpaper
