It is believed that the decision of peer-to-peer payments company MoneyGram to allow its users in the US to buy, sell and hold litecoin (LTC) and other cryptocurrencies will increase the price of litecoin by 10 times.
News that MoneyGram will allow its users to buy, sell, and hold Litecoins broke out on Wednesday, when the payment company said that “cryptocurrencies contribute to everything they do on MoneyGram” and that users in nearly every state in the US can now transact with them.
In addition to Litecoin, MoneyGram will allow users to transact with Bitcoin (BTC) and Ethereum (ETH). However, the Moneygram news sparked an even greater market reaction for LTC as the market cap of litecoin is much lower than these two cryptocurrencies.
After the news, the trading volume of the coin increased as the LTC price increased. LTC is up more than 10% above $61. At the time of writing on Thursday, LTC was trading near $61 and is up 2.9% in the last 24 hours.
This news was also shared on Twitter by the creator of the coin, Charlie Lee, on Wednesday. “As I mentioned in the keynote of Litecoin Summit 2022, adoption is an important issue for Litecoin. So I’m very excited that I can now use MoneyGram to buy Litecoin,” said Lee, whose username on Twitter is @SatoshiLite.
As I mentioned during the Litecoin Summit 2022 keynote, adoption is the most important thing for Litecoin. So I'm extremely excited to be able to use @MoneyGram to buy Litecoin now! Thanks @Coinme for making this happen.
P.S. Yes, Litecoin is still alive to answer the haters 👇 pic.twitter.com/PI31vbhAqW
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) November 2, 2022
After the price increase on Wednesday, LTC price continued to rise, while several social media phenomena also shared about LTC:
Who did this?? pic.twitter.com/2DR9lyLVpl
— K A L E O (@CryptoKaleo) November 2, 2022
— CryptoJack | Technical Analyst (@_Crypt0Jack) November 2, 2022
Looking at the Litecoin chart from a technical analysis point of view, it seems that the bullish phase started after the resistance level in the $57-58 region was broken. However, it should be noted that Tuesday’s price action was partially negative as the price was rejected below the $65 level and experienced a sharp decline from this point.
If the bulls are right and LTC turns bullish again, the next resistance area to watch would be the $65 level. The $65 level has remained a key resistance level since June, and breaking this level is extremely positive for LTC and could see the price surge 10x in the next crypto bull market.