Litecoin Price Analysis: LTC Faces Strong Resistance At $150
Daily Litecoin LTC Price Forecast
- Litecoin price sits on top of a stack of healthy support walls.
- The MACD indicates sustained bullish market momentum.
The Litecoin price is presently hovering around $145 below the $150 resistance wall. Before this crash, LTC dropped $134 to $107 between July 12 and July 20. Due to this drop, the market momentum flipped from positive to negative.
Litecoin Price Hovers Horizontally Around $145
On July 21, the Litecoin price flashed a buy signal in the form of a red-nine candlestick, following which it jumped from $107 to $145 till July 30. During this jump, LTC managed to flip the 20-day and 50-day SMAs from resistance to support and reverse the MACD from red to green. Following that, LTC has been hovering horizontally around $145.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces strong resistance at $150. As per the IOMAP, nearly 56,000 addresses had purchased almost 786,000 LTC tokens here.
Litecoin Users Can Now Checkout At One Of The Largest U.S. Retailers
Newegg recently announced that it is integrating Litecoin payments on its e-commerce website. The integration comes after BitPay announced that they now accept Litecoin payments. As per a press release, Newegg will be the first merchant to accept Litecoin through BitPay. It was also the first merchant to accept Bitcoin payments back in 2014.
Newegg is one of the biggest retailers focused on items including computer hardware and consumer electronics. The commerce company boasts over 32 million users. Millions of users are now able to check out their items from Newegg using LTC.
Andrew Choi, Senior Brand Manager at Newegg, said:
“As the first major online shopping destination to work with BitPay to accept Bitcoin and now Litecoin, Newegg supports our early-adopter customers globally and emphasizes our commitment to bring innovation to the online shopping experience. The excitement and momentum around cryptocurrency are undeniable, and we are committed to making it easy for our customers to shop online.”
The partnership between Newegg and BitPay is not a new one. Back in 2014, the pair had first partnered up to set up Bitcoin payments for Newegg customers in the US. And later on, users in Canada were able to check out using Bitcoin.
The success of the partnership so far continues to fuel their continued collaboration. Charlie Lee, the creator of Litecoin, said:
“Litecoin’s fast transaction times and super low fees are ideal for an e-commerce giant like Newegg. We’re extremely excited that Litecoin is now supported by BitPay, making it very easy for any merchants to accept LTC.”
Litecoin Price Is Expected To Reach These Levels
If the Litecoin price fails to repeatedly break above the $150 psychological level, it should drop to the 50-day SMA($138).