Litecoin has been added as the official cryptocurrency for its online fan merchandise platform and international events. Glory is one the most popular global combating events that invite many schools of Martial Arts including Muay Thai, Taekwondo and boxing. The participants of these events include elite fighters of the world.
Charlie Lee, the co-founder and chief spokesperson for Litecoin noted that:
The sporting and e-sporting arena have been more adaptive towards cryptocurrency than any other industrial fields. E-gaming, online merchandise store, tickets to events and legal betting together comprises of a vast market capitalization that can benefit a lot from Blockchain and Cryptocurrency.
Litecoin had recently broken the $50 resistance line on the LTC/USD scale. During the short interval rally on 24th February, the cryptocurrency was trading above $52 level before the sellers took control above $53 mark when in a flash crash the price decreased by 16.8% to $44.5. The cost of Litecoin at the time of writing is $45.80.
Litecoin (LTC) has been consolidating above the 200-day moving average for the past few days, but the Stochastic RSI signals a big move to the upside that could result in upside movement. The cross-over of the 100-day moving average with the 200-day Moving Average line suggest a significant upside movement is possible. It is being termed as the ‘golden cross.’
Nevertheless, apart from Bitcoin (BTC), Litecoin (LTC) and XRP (XRP) none of the other cryptocurrency tokens including Ethereum are indicative of a positive movement in the short term. However, if the cross-over materializes and yields value to Litecoin, other cryptocurrencies might also benefit from the change in sentiment. Will the altcoin season be back soon?