Litecoin (LTC) Trades Lower Despite Two Bullish Announcements for Adoption
The price of Litecoin (LTC) is currently down around 1% over the last 24 hours, despite the Litecoin Foundation announcing two partnerships with the potential to be fairly significant adoption and awareness drivers.
The first update came on Tuesday morning when the Litecoin Foundation revealed a new partnership with Glory Kickboxing, the world’s premier kickboxing organization. As part of the arrangement, Litecoin is now an accepted payment method on GLORYshop.com, GLORY’s online merchandise platform.
Excited to announce a new partnership with @GLORY_WS that will see #Litecoin becoming the official cryptocurrency of the world’s premier kickboxing organization. Read more about how you'll be able to #PayWithLitecoin for GLORY events and more ⚡️🥊 https://t.co/g5k7M1vQwV pic.twitter.com/DOIhq8YvKa
— Litecoin Foundation (@LTCFoundation) February 26, 2019
The fun didn’t stop there. Later in the day, the Litecoin Foundation announced a partnership with K-pop concert production company, C&U Entertainment Global, to promote Litecoin through the upcoming Feel the K-Pop concert.
With the new partnership, Litecoin hopes to cement itself in Asian markets, which are currently the largest driver of cryptocurrency adoption and trading activity.
“These entertainers have millions of followers across the globe, who in large part, are familiar with cryptocurrency and are historically early adopters of new technologies,” said Charlie Lee, the creator of Litecoin and managing director of the Litecoin Foundation. “The ability to tap into this type of audience through education and real world use cases can be really powerful for Litecoin.”
We’re partnering w/ @CUEntGlobal to bring top K-POP artists, including #kimjongkook & @itzailee to the US for the Feel The K-Pop Concert! Tix go on sale tomorrow & fans will be able to use Litecoin for ULTRA VIP tix through the LF soon! https://t.co/IESr63NnpM #PayWithLitecoin pic.twitter.com/PDlvYX5ggv
— Litecoin Foundation (@LTCFoundation) February 27, 2019
Despite the two high-profile announcements, the price of Litecoin has been fairly anemic in recent trading. This mimics the larger market action and also makes sense from a technical perspective as Litecoin re-tests its 200-day moving average as support.
As we previously covered, Litecoin’s February rally brought the price well above its 200-day moving average for several days before it pulled back. The altcoin is currently down 0.6% in Wednesday trading to $44.81, giving it a $2.7 billion market cap.
Price Analysis: Litecoin (LTC) Leaves Its 200-Day Moving Average in the Dust
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.