Litecoin is outperforming the other major cryptocurrencies after major adoption news from MoneyGram.
LTC, the native coin of the Litecoin blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours. The coin has added more than 13% to its value, outperforming the broader market.
The rally comes after global digital peer-to-peer payments company MoneyGram announced that users in the United State can now buy, sell, and hold Litecoin and a few other cryptocurrencies, including Bitcoin and Ether, via its mobile app.
— Litecoin (@litecoin) November 2, 2022
Litecoin’s positive performance as the broader crypto market continues its bearish trend. The crypto market has lost less than 1% of its value in the last 24 hours, with the total cryptocurrency market cap still above $1 trillion.
Bitcoin, the world’s leading cryptocurrency, is also down by less than 1% today and continues to trade above the $20k support level. Ether has maintained its position as the second-largest cryptocurrency by market cap and is still trading above $1,500 despite losing 2% of its value so far today.
Key levels to watch
The LTC/USD 4-hour chart is bullish, as Litecoin has been performing well over the last 24 hours. The technical indicators show that Litecoin is outperforming Bitcoin and the other leading cryptocurrencies.
LTC/USD Chart By TradingView
The MACD line is above the neutral zone, indicating that Litecoin is currently in a bullish trend. The 14-day relative strength index of 73 shows that Litecoin could soon enter the overbought region.
At press time, Litecoin is trading at $62.16. If the rally continues, LTC could surge past the first major resistance level at $74.68 over the next 24 hours.
However, with the support of the broader cryptocurrency market, Litecoin could trade above the $81 resistance level for the first time since May.
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