The price of Litecoin 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 it should remain above here if the bulls are to take charge.
Litecoin price It climbed above $94 on Sunday as the cryptocurrency pared some gains after hitting a low of $91 on Friday.
While gains are modest and LTC is still more than 5% in the red on the weekly chart, the positive trend over the past 24-hours highlights the ability of bulls to successfully push above a key resistance area at $96.
LTC price prediction after Litecoin Foundation and Metalfa partnership
To strengthen the short-term bullish outlook, the bulls need to retest and break the resistance at the center line of the ascending channel (daily chart). This means moving to a price range between $97 and $100. The upper trend line of the channel is providing resistance near $110.
As Predicted Last week, LTC price could see a rally of 40% if it breaks the $100-110 confluence zone, with possible gains above $130.
Helping this positive short-term outlook could be resilience in the broader crypto market as bitcoin attempts to hold key support above $23k, with a retest of $25k possible.
More than that, it could be a bullish outlook for Litecoin from potential institutional pullbacks, especially following this week’s partnership with Nasdaq-listed wealth manager MetalAlpha Technology Holding Ltd (NASDAQ:MATH).
The partnership could prove vital for Litecoin miners as well as boost the adoption of LTC as a global payment network. This is because Litecoin will be collaborating with the crypto-focused firm to promote sustainable mining and provide hedging solutions for miners. The plan comes amid a push for renewable energy to reduce carbon emissions.
The Litecoin Foundation said in an email that MetalAlpha will also help bring financial derivatives products to the Litecoin network. press announcement,
However, if LTC/USD turns down and breaks the support at $90, the bullish outlook could be undone.
As seen in the daily chart above, the 50-day exponential moving average (EMA) currently provides an immediate buffer zone.
If the price enters the downside at this level, LTC could decline to the $80.38 line, below which is the 200-day EMA at $78.52. The December 2022 low around $63 is another key level that the bears could be eyeing.