Litecoin Visa Card FOMO expects to last until LTC hits $350 — Here’s why?

Litecoin, LTC, Visa, Pennant
image from medium.com

Key Takeaways:

  • Litcon Foundation announced a collaboration with Visa, and will release a Visa debit card for LTC payments.
  • LTC token gained 12% after the announcement, however corrected on Nov 15.
  • The digital asset flashed bullish signs on both the four-hour, and the weekly chart.

YEREVAN (CoinChapter.com) – Litecoin (LTC), one of the earliest altcoins on the market, eyes a 28% uptrend to $350, hoping to launch a Visa-enabled payment card recently would boost mass adoption.

In detail, Litecoin Foundation, which oversees developments across the Litecoin public layer network, announced on Nov 14 that it would roll out a Visa Debit Card.

Growing Litecoin adoption

According to the announcement, Litecoin’s official Visa debit card will allow its users to make low-cost, “borderless” payments. In addition, the card will convert the cryptocurrency to USD in real-time and would involve no transaction or deposit fees.

However, the card will charge the owner $5 monthly unless the Litecoin spending exceeds $750 a month. Additionally, the company has not yet specified if the card is available for users globally or in the United States only.

Also read: Litecoin gains weight as LTC rallies over 16% in the past 24 hours — What's next?

LTC token responded positively to the news and pumped 12% after the announcement. However, the LTC/USD exchange rate was corrected in Monday’s Asian-Pacific session and stood at $273.6.

LTC in a bullish Pennant

Despite the correction, Litecoin flashed a bullish Pennant, which is best visible on the four-hour chart.

The formation features two converging trendlines that lower the price swing as the setup progresses. First, bullish pennants typically occur after a rally and predict a continuation once the token exhausts the formation. In compliance with the prediction, LTC broke out of the Pennant on Nov 14.

On the Litecoin chart, the Pennant formed in the wake of a 50% uptrend, and the target price clocked at $350. The digital asset retested a resistance line at $273 as support. If LTC manages to bounce off the mentioned level, the Pennant’s prediction for $350 could play out in the upcoming sessions.

Litecoin (LTC) 4h chart showed a bullish Pennant. Source: LTCUSD on TradingView.com
Litecoin (LTC) 4h chart showed a bullish Pennant. Source: LTCUSD on TradingView.com

Zooming out to the weekly chart, Litecoin painted a similar bullish formation. The weekly chart-Pennant forecasted gains at a larger scale and pinpointed the target LTC price at approximately $566, a potential 106% gain.

Litecoin weekly chart with a bullish Pennant. Source: LTCUSD on TradingView. com
Litecoin weekly chart with a bullish Pennant. Source: LTCUSD on TradingView. com
Also read: Fake Press Release about Walmart partnership with Litecoin (LTC) triggers Pump and Dump.

The merit of the weekly chart-Pennant’s prediction won’t be evident until roughly Q2 2022. However, the four-hour chart Pennant could play out in the upcoming sessions and possibly bring the price to $350. As mentioned, it could constitute a 28% uptrend from the current value at $273. Given the Visa card FOMO, the bullish scenario looks possible.

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