Litecoin(LTC) has seen a surge in price and trade volume over the past few days, largely due to the increasing interest in NFTs. Litecoin’s first NFT marketplace, LiteVerse, has partnered with Antpool, one of the largest Bitcoin mining pools. This partnership allows LiteVerse users to mint NFTs with low fees.
The increasing adoption of NFTs is good news for the Litecoin ecosystem, as it provides another use case for cryptocurrency. However, with more people using LTC to buy and sell NFTs, the demand for the coin is likely to increase, leading to a price pump.
Consequently, this adoption by a major mining pool will likely bring more attention and users to Litecoin’s NFT ecosystem.
Looking at the LTC/USD 4-hour chart, we see that Litecoin has surged over 2% in the past 24 hours. The price currently trades at $61 .68 and is well above the $50.50 support.
Overall, LTC looks set for further gains in the near term as it benefits from positive sentiment around its NFT ecosystem. However, the long-term outlook remains bearish as Litecoin struggles to break out of its descending triangle pattern.
LTC has seen a surge in price and trade volume over the past few days, largely due to the increasing interest in NFTs. Litecoin’s first NFT marketplace, LiteVerse, has partnered with Antpool, one of the largest Bitcoin mining pools. This partnership allows LiteVerse users to mint NFTs with low fees.
However, it is worth noting that Litecoin’s price increase is more than just due to the NFT hype. Litecoin has also been benefiting from the overall market sentiment, as cryptocurrencies have been on a tear lately.
Litecoin(LTC) technical outlook?
The Ichimoku cloud on the daily timeframe shows that Litecoin has been on a strong uptrend since October. The price currently trades above all the major moving averages (9-day, 21-day, 50-day, and 200-day). The RSI is in overbought territory, but there is scope for further upside in the near term.
MACD histogram is in positive territory, and the signal line is trending upwards. This suggests that the bulls are in control.
The next level of resistance to watch out for is $75.00. A breakout above this level could see Litecoin test the $80.00 level in the days ahead. On the downside, support is seen at $70.00, and a break below this level could see Litecoin retesting the $60.00 level.
Looking at the longer-term picture, Litecoin is in a strong uptrend with plenty of upside potential. However, the RSI is looking overbought, so there could be a short-term correction in the days ahead. But overall, Litecoin looks set to continue its upward trend in the longer term.
Conclusion
In conclusion, LTC is doing good in the NFT market and is expected to keep growing with new partnerships. For example, Litecoin’s first NFT marketplace, LiteVerse, has announced a partnership with Antpool, which will help the LTC ecosystem grow. So overall, things are looking good for LTC soon.
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