Litecoin pushes for more adoption through card program- Did LTC benefit?
- Litecoin’s transaction milestone underscores a healthy path of adoption that might be aided by real-world utility.
- LTC price approaches ascending support after a mid-week pivot.
Litecoin has struggled to escape the shadow of bears for a long while now. However, this has not stopped the project from proceeding with its purpose. In fact, the coin has been reaching new adoption milestones.
One of Litecoin’s latest major milestones is facilitating more than $1 trillion in transactions. If true, then this milestone represents just how far the network has come in terms of utility. But more importantly, it has maintained a healthy adoption rate.
— Litecoin (@litecoin) February 9, 2023
It seems Litecoin has demonstrated its resolve to maintain a robust adoption rate. This is evident in its latest offering which intends to expand real-world usage.
The network recently confirmed that the Litecoin Card program is now active and available across Europe.
Regulators in the U.S. recently urged banks to cease facilitating transactions with crypto platforms. Such regulatory measures may limit crypto’s ability to access liquidity.
However, Litecoin’s card program may provide an alternative for not just spending but bridging that gap between crypto and traditional consumer markets.
Who is selling and who is holding?
If the above scenario plays out, then we can expect to see more utility and adoption further down the road. Such a move would result in a surge of daily active addresses. The latter registered a large spike in the last three days as FUD increased in the market.
Despite the spike in active addresses, the transaction volume remained relatively low. This might indicate that the surge in active addresses mainly came from the retail segment, thus the low impact on volume.
A sneak peek at the supply distribution confirms that there was very little shift in addresses with the largest LTC holdings. In other words, whales are not contributing much to sell pressure.
Regardless of the above findings, Litecoin’s price action pivoted in favor of the bears since mid-week. A 10% downside allowed LTC bulls to enjoy a brief celebration above the $100 price level. It traded at $92.54 at press time.
How much are 1,10,100 LTCs worth today?
LTC has been trading within an ascending price channel and the latest bearish outcome puts it closer to the ascending support. The bears demonstrated some signs of weakness at the time of writing, after pushing on to the 50% RSI level.
Litecoin may drop below $90 and as low as $87 if the bears remain dominant. Such a drop can facilitate a retest of the current support level.