What next after Litecoin’s latest partnership?

What next after Litecoin's latest partnership?

  • Litecoin price was hovering around $93.90 early Sunday, up 2% in 24 hours.

  • The Litecoin Foundation recently announced a major partnership with Metalpha Technology Holdings.

  • LTC price is just above the 50D EMA, and must hold above here if bulls have to take charge.

LTC price prediction after Litecoin Foundation and Metalpha partnership

To strengthen the short-term bullish outlook, bulls need to retest and break resistance at the middle line of the ascending channel (daily chart). That means moving to the price range between $97 and $100. The channel’s upper trendline offers resistance around $110. 

As predicted last week, LTC price could see a 40% jump if it breaks the $100-110 confluent zone, with potential gains to above $130.

Helping this positive short-term outlook could be the resilience in the broader crypto market as Bitcoin attempts to hold major support above $23k, with a retest of $25k possible.

More than that, it could be the bullish outlook from the likely institutional pull of Litecoin, particularly following this week’s partnership with Nasdaq-listed wealth manager Metalpha Technology  Holding Ltd (NASDAQ: MATH.)

The partnership could prove pivotal for Litecoin miners as well promote the adoption of LTC as a global payment network. This is because Litecoin will collaborate with the crypto-focused firm to promote sustainable mining and offer hedging solutions for miners. The plan is to lower carbon emissions amid a push for renewable energy.

Metalpha will also help bring financial derivative products to the Litecoin network, the Litecoin Foundation said in a press announcement.

Litecoin chart showing key price points. Source: TradingView

The bullish perspective might however be undone if LTC/USD moves lower and break support at $90.

As seen in the daily chart above, the 50-day exponential moving average (EMA) currently provides an immediate buffer zone.

If price penetrates this level on the downside, LTC could drop to the $80.38 line, below which the 200-day EMA is at $78.52. December 2022 lows around $63 is another key level that bears might be eyeing.

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