Litecoin (LTC) has been on an uptrend for the past week. The coin nudged 2.62% higher at $143.93 on Monday following a 2.89% dip on Sunday. This pushed its total market capitalization to $9.83 billion.
For the past week, Litecoin price has been on a rally since its induction on BitPay. BitPay is the world’s largest provider of Bitcoin and cryptocurrency payment services.
On July 29, BitPay announced its support for Litecoin in the BitPay Wallet app. Starting this week, businesses using BitPay will be able to accept Litecoin as a payment method from any wallet. In addition to Litecoin, BitPay accepts 11 more cryptocurrencies.
Newegg is an online retailer for items including computer hardware and software electronics. The company will become the first merchant to accept Litecoin on BitPay. Newegg was also the first e-retailer to accept purchases through Bitcoin In 2014. It was also among the first companies to accept Dogecoin at the start of 2021.
LTC’s creator, Charlie Lee stated that, “Litecoin’s fast transaction times and upper low fees are ideal for an ecommerce giant like Newegg.”
In future, as Litecoin’s price is likely to edge higher as more e-retailers accept purchases via Litecoin. Just like other cryptocurrencies, Litecoin will react to the overall performance of Bitcoin. When Bitcoin rises, Litecoin will also rise.
Litecoin Price Outlook
Litecoin price has been on an uptrend since its introduction to the BitPay Wallet. The coin has been trading in an ascending channel for the past week.
At the time of writing, Litecoin inched higher by 2.62% at $143.93. On the four-hour chart, it was trading above the 25 and 50-day exponential moving averages.
In the near term, I expect Litecoin to extend its ascending channel. A bullish breakout at $149.75 will have the bulls eyeing the $155 resistance level. On the flipside, bears will be targeting the first major support level at $136.