Litecoin Price Analysis: LTC Price in a Slight Consolidation Mode

• BitPay has started accepting payments in the LTC coin. 
• Mecum Auctions has started accepting Litecoin as a payment method 
• The trend in the LTC is sideways, see the insights in the articles below

Litecoin has been in existence for 13 years now. There is a process that the company is conducting, known as halving. It is the process of reducing the reward given to miners for validating new blocks, which helps slow down the creation of new coins by halving the number of Litecoins awarded.

The availability of Litecoin as a payment option on BitPay showcases its practicality in everyday transactions and widens its reach to more people. It is a positive development that shows how digital currencies are increasingly becoming integrated into daily financial activities. 

Mecum Auction accepts LTC

It’s noteworthy that a reputable auction house like Mecum Auctions has started accepting Litecoin as a payment method since November. This move is a testament to Litecoin’s growing credibility and usefulness as a transactional currency in various market sectors. 

Litecoin’s perception has changed from investment options to transactional currencies in the physical market. Recently, the number of active addresses for Litecoin exceeded 1.4 million, reaching a six-month high of nearly 980,000 in mid-November.

Technical Analysis & Prediction of the LTC Coin Price 

The adoption of the LTC-20 token standard is among the reasons for the increase in active Litecoin addresses. As a result of the growing network activity, the Litecoin price has also increased. On December 10, the LTC coin price rose to $77. However, the prices have been fluctuating within the range of $71.59 and $79.31 on the 7-day chart.

At the press time, the LTC coin price is trading at the level of $71.17 after being in a sideways trend from August. However, in the 15-minute time frame, the LTC coin price may seem to favor bulls as it is in an uptrend. 

The current support levels for the LTC coin are at $59.9 and 47.3. Moreover, on the upper end, the resistance levels are at $83.8 and 102.03 respectively. 

Conclusion

Litecoin has been in existence for 13 years and uses a process called halving to slow down its coin creation. Mecum Auctions started accepting Litecoin as a payment method in November. Currently, the LTC coin price is trading at $71.17 after being in a sideways trend since August.

Technical Levels

• Support Levels: $59.9 and 47.3.
• Resistance Levels: $83.8 and 102.03

Disclaimer

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