On-chain activity on the Litecoin network hit a peak after the launch of the altcoin's debit card. Litecoin cardholders can now spend the altcoin at nearly 50 million merchants worldwide. The total number of Litecoin transactions have crossed over 140,000 in the past week.

Commonwealth Bank of Australia announced that users will now have access to buy, sell and hold Litecoin in the bank's application- CommBank. It is Australia's first bank to offer the service through its mobile application. The bank has partnered with Gemini, a cryptocurrency custodian and exchange, to offer the service to users.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES : (TECHNICALS)

Litecoin price is at one of its most favorable entry opportunities since early April 2021. All of the required conditions for an Ideal Ichimoku Bullish Breakout entry are fulfilled. Those conditions are: The close above the Cloud.

The close above the Tenkan-Sen and Kijun-Sen.

Chikou Span above the candlesticks and in open space (won’t intercept the body of a candlestick over the next five to ten periods).

Futures Senkou Span A is greater than Future Senkou Span B.

When all four of those entry conditions are met, instruments generally experience a significant expansion move. The oscillators help support Litecoin price extending higher as well. The first oversold level of 50 in the Relative Strenght Index has held as support, while the Composite Index has now crossed above both of its moving averages. Most important is the Optex Bands sitting at relatively neutral levels. 

Litecoin would need to move to a price level where a daily close is below the Cloud, and the Chikou Span is below the candlesticks for the bullish outlook to be invalidated. For that to occur, Litecoin would need to close at or below $170.

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