Litecoin rallied modestly today after the Wanchain Foundation announced it had added Litecoin to the asset index of its DeFi project.
The Wanchain DeFi project already has Bitcoin, Ethereum. EOS, Binance Smart Chain and its native token Wanchain (WAN) listed in the project. This integration would allow for the trading and transferability of the Litecoin token in EVM-compliant smart contracts.
With this development, Litecoin farming also comes alive on the WAN network, allowing holders to benefit from staking opportunities on the AMM Wanswap liquidity pool Litecoin is up 5.51% on the day as of writing.
Technical Outlook for Litecoin
The Litecoin price prediction with regards to the descending triangle ended as expected. Price broke below the triangle and achieved the measured move, which terminated at 110.10 before a bounce on that support level led to a slight recovery above 120.53. Bullish momentum is required to take the LTC/USD pair above the 142.57 resistance, with 160.72 and 180.82 lining up as additional targets to the north.
These moves may serve as rallies on which selling re-entries may occur, ultimately targeting the breakdown of the 120.53 support to clear the pathway towards 95.25 (23 December 2020 low) and possibly 80.00 (16 December low).