Watch This Crypto For Massive Gains, Litecoin Price Rises 51% After Disconnect From Altcoins
- Litecoin has temporarily disconnected from Bitcoin and the broader crypto market.
- The number of addresses with 1000 or more Litecoins has grown rapidly since mid-June and the LTC price is up 51%.
- Analysts believe Litecoin is likely to continue its climb as the asset trades above the key resistance level of $60.
Moneygram, a global peer-to-peer payments company announced that users in almost every US state and the District of Columbia can buy, sell and hold Litecoin and other cryptos. Based on data from a crypto intelligence platform, Litecoin recently disconnected from altcoins and posted a massive rally against Bitcoin.
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Litecoin decoupled from the broader crypto market, posted a 51% gain
Santiment, a leading crypto intelligence platform, noted that the Litecoin price is rising after temporary disconnection from the cryptocurrency market. The decentralized peer-to-peer cryptocurrency has witnessed an increase in the number of addresses with 1,000 or more LTC.
LTC/BTC Price Chart and Litecoin Address Growth
Litecoin has added 314 new shark and whale addresses; these wallets contain large volumes of LTC and contribute to an increase in activity on the chain.
Since mid-June 2022, Litecoin’s price against Bitcoin has increased by 51%. The LTC/BTC pair has therefore given its owners 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 every US state and the District of Columbia can buy, sell and hold Litecoin.
MoneyGram announces the launch of a new service that enables consumers to buy, sell and hold cryptocurrency via the MoneyGram app. This feature gives customers in almost every US state the ability to trade and store BTC, ETH and LTC.
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— MoneyGram (@MoneyGram) 1 November 2022
The announcement also applies to cryptocurrencies such as Bitcoin and Ethereum. The payments giant now supports buying and selling of these cryptocurrencies via the MoneyGram mobile app.
Analysts are positive on Litecoin, LTC is flooded with $1.8 billion trading volume
Analysts evaluated the LTC/USDT rate chart and presented a bullish outlook. The recent activity in the Litecoin price has been noted after months of consolidation at the $55 level. The Litecoin price is now past the key resistance level of $60, which has acted as a barrier to a breakout on several occasions.
Interestingly, the Relative Strength Index has risen considerably from 39 a few days ago to 68, near the oversold region. This movement indicates strong positive momentum and complements the price rally. LTC may continue its rise until the RSI reaches 70 and crosses over into the overbought territory.
LTC/USDT exchange rate chart
Khashayar Abbasi, cryptoanalyst claims that Litecoin’s 200-day MA is just above the current price of $60.66. This is the most significant resistance level for the altcoin, and above this there is a possibility of a significant rise towards $125.
