Litecoin was changing hands at $59.42, up 7.13% in last 24 hours
After several weeks, months, trading in a bearish range below the $60 mark, Litecoin made an astonishing jump from this psychological level on November 2, reaching an intraday high of $62.53.
At the time of publication, Litecoin was changing hands at $59.42, up 7.13% in the last 24 hours and up 4.78% in the last seven days, according to CoinMarketCap data. This is noteworthy as several cryptocurrencies are presently recording losses. Also, trading volumes have jumped 90% as traders attempt to capture profits on the latest move.
Since September 13, after trading as high as $67.48, LTC has fallen to trade below the $53 level, where it remained until the end of October. Litecoin rose above the $53 level on October 27th and remained above it until this latest rise.
Going forward, bulls need to squash the $62.54 barrier located near the daily MA 200 to make the rally advance. The daily RSI is above the 60 mark, suggesting an edge for buyers. On the other hand, if bulls run out of steam, Litecoin risks returning to its previous range, where it might consolidate before another major move.
Rapid adoption news for Litecoin
MoneyGram, a pioneer in digital P2P payments, has announced the launch of a new service that will allow users of the MoneyGram mobile app to buy, trade and store cryptocurrencies.
With the help of the company’s top mobile app, MoneyGram users may now trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) in almost all U.S. states and the District of Columbia.
The company’s current collaboration with Coinme, a cryptocurrency exchange and provider of API-powered crypto-as-a-service, makes it possible to buy, trade and hold these cryptocurrencies using the MoneyGram app.
Litecoin founder Charlie Lee took to Twitter to celebrate the news.
As the company considers expanding into new territories in 2023, MoneyGram expects to increase the number of crypto assets it offers, as long as regulations allow it.
