Litecoin price was treading on negative territory on Tuesday after ending Monday’s session higher. Its total market capitalization fell to $9.39 billion.
Litecoin price has been on a rally for the past week after BitPay’s announcement. BitPay is a Bitcoin payment service provider in the United States. It provides Bitcoin and Bitcoin Cash payment processing services for merchants.
On July 29, BitPay announced that it would be adding Litecoin into the BitPay Wallet app. This statement saw the Litecoin price edge higher. Businesses that use BitPay will be able to accept Litecoin as a payment method from any wallet. BitPay also accepts other 10 cryptocurrencies.
The first merchant to accept Litecoin payment on BitPay will be Newegg. Newegg is an e-Commerce retailer for computer systems and electronics. The company was the first e-retailer to accept Bitcoin as a payment method.
The introduction of LTC as a method of payment by an e-commerce giant is likely to push its price higher. Litecoin’s creator, Charlie Lee, stated that this would be a big step for Litecoin. As more merchants accept Litecoin as a payment method, its price will soar.
Litecoin’s transactions are faster than most cryptocurrencies since it uses Scrypt in its proof of work algorithm. LTC handles more transactions because of its shorter block generation time. Therefore, Litecoin’s use as a payment method will make purchases simpler.
LTCUSD Technical Outlook
Litecoin price handed back its gains on Tuesday after starting the week in positive territory. Bitcoin’s price also edged lower which might have dragged Litecoin’s price. Most cryptocurrencies are affected by Bitcoin’s overall performance.
At the time of writing, LTC slipped 2.65% to trade at $137.640. On the four-hour chart, it was trading below the 25 and 50-day exponential moving averages.
In the near term, I expect Litecoin to find support near its intraday low at $136. A bullish breakout might push it past its intraday high at $143. Above that level, bulls will be eyeing the $149.583 resistance level.