Watch this crypto for massive gains, Litecoin price rallies 51% after decoupling from altcoins
- Litecoin has temporarily decoupled from Bitcoin and the broader crypto market.
- The number of addresses with 1,000 or more Litecoins has grown rapidly since mid-June and LTC price is up 51%.
- Analysts believe Litecoin is likely to continue its climb as the asset trades above key resistance level at $60.
Moneygram, a global peer-to-peer payments company announced that users in nearly all US states and the District of Columbia can buy, sell and hold Litecoin and other cryptos. Based on data from a crypto intelligence platform, Litecoin recently decoupled from altcoins and posted a massive rally against Bitcoin.
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Litecoin decoupled from the broader crypto market, yielded 51% gains
Santiment, a leading crypto intelligence platform noted that Litecoin price is rallying after temporary decoupling from the cryptocurrency market. The decentralized peer-to-peer cryptocurrency has witnessed a rise in the number of addresses holding 1,000 or more LTC.
LTC/BTC price chart and Litecoin address growth
Litecoin has added 314 new shark and whale addresses; these wallets hold large volumes of LTC and contribute to a spike in on-chain activity.
Since mid-June 2022, Litecoin’s price against Bitcoin increased 51%. LTC/BTC pair has therefore yielded holders upwards of 50% gains in the ongoing bear market. Several key factors have contributed to Litecoin’s price rally. MoneyGram, a global leader in digital payments, announced on November 1 that users in nearly all US states and the District of Columbia can buy, sell and hold Litecoin.
MoneyGram announces the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via The MoneyGram App. This feature gives customers in nearly all U.S. states the ability to trade and store BTC, ETH and LTC.
— MoneyGram (@MoneyGram) November 1, 2022
Read more: https://t.co/13TzRJlSPc pic.twitter.com/FixCCJc0Jc
The announcement applies to cryptocurrencies like Bitcoin and Ethereum as well. The payments giant now supports the purchase and sale of these cryptocurrencies via MoneyGram mobile app.
Analysts bullish on Litecoin, LTC is flooded with $1.8 billion trade volume
Analysts evaluated the LTC/USDT price chart and presented a bullish outlook. The recent activity in Litecoin price has been noted after months of consolidation at the $55 level. Litecoin price is now past the key resistance level at $60, which has acted as a barrier to a break out on several occasions.
Interestingly, the Relative Strength Index has risen considerably from 39 a few days ago to 68, close to the oversold region. This movement indicates a strong positive momentum and complements the price rally. LTC could continue its climb till RSI hits 70 and crosses over into the overbought territory.
LTC/USDT price chart
Khashayar Abbasi, crypto analyst argues that Litecoin’s 200-day MA sits directly above the current price at $60.66. This is the most significant resistance level for the altcoin and above this there is a possibility for a substantial rally towards $125.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
