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, GLORY’s online merchandise platform.

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.”

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.

More: AltDex 100 Cryptocurrency Index
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.

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