At the beginning of this new month, all cryptocurrencies quickly lost their last week’s gains and trended downward except for some of the altcoins, such as Litecoin (LTC), which showed optimism in the past 24 hours.
According to the statistics from CoinMarketcap, LTC was currently trading at $61.05, with a notable rise of approximately 13% over the previous day. The token also made a significant gain of over 10.27% on a weekly basis.
The token made an unprecedented surge above this key barrier on November 2nd, reaching its highest point for the day at $60.56 after weeks or even more than a month of stagnant trading below the $60 mark.
The upward movement increased Litecoin’s market cap by 3.90% to $4.40 billion. Additionally, the 24-hour trading volume has also grown by 110.88% to $2.21 billion, according to data from Nomics.
However, some of the major factors that led to this significant rise included MoneyGram’s announcement of allowing users in the US to buy, sell, or trade cryptocurrencies through its MoneyGram app – specifically Bitcoin, Ethereum, and Litecoin.
Litecoin Price Analysis
LTC began the year at 146.54, then steadily slid downward in mid-March. The token reached its lowest point of the year at $40 in June when the entire cryptocurrency space faced a crypto winter.
Since then, the token, among other cryptocurrencies, has been struggling to regain balance and recover its worth. In addition, the token started gradually recovering at the end of July.
After getting back up to the high of $67 per coin in September, Litecoin dropped down to around $53 for the rest of October. However, at the end of October, it started moving up from this range and began its new month with new energy toward recovery.
Going forward, bulls will have to break through the $62.54 threshold if they want this rally to keep on. Right now, the daily RSI is well above 60, which means there are chances that buyers are leading this current bullish trend in cryptocurrency.
If bulls lose momentum, the coin may return to trading within its previous price range before we see another significant movement from cryptocurrencies as a whole again.
Nevertheless, the coin’s latest price forecast predicts that the token will reach $70.01 at the end of 2022 and slide to 54.78 at the end of 2023, with a year-over-year decrease of 11%.
Related Reading | Dapper Labs Slashes 22% of its Employees Amid Market Crash