Litecoin price has seen an incredible rise over the past 24 hours, gaining 10% in value, with trading volume exceeding $1.8 billion. This recent price action follows months of consolidation at the $55 level.

At the time of writing, LTC is trading just above $60, a zone that has served as resistance on several occasions before.

LTC’s relative strength index (blue) has risen considerably from 39 just a few days ago to 68, indicating strong positive momentum. This price action could continue until the RSI breaches past 70 and enters overbought territory.

At the same time, ADA’s 200-Day Moving Average (red) sits directly above the current price. This is the most significant resistance level for LTC – above which there is potential for a substantial rally toward the $125 region. LTC needs to break out above this level and consolidate for a few days before it can make such a move.This recent move comes after leading global payments network MoneyGram announced that users can now buy, sell and hold some major cryptocurrencies – including LTC.

Despite these positive developments, it’s worth noting that the Federal Reserve will soon reveal its interest rate decision which can impact the global markets.

The Fed is expected to hike interest rates by 75 basis points, and this may lead to a sell-off in risk-on assets such as tech stocks and cryptos – at least in the short term. Conversely, a smaller rate hike has the potential to cause global equities markets to rally.Immediate support and resistance can be found around the $55 and $65 levels, respectively.

Litecoin is a well-established altcoin with a huge market cap above $4 billion. This means that any rally will provide limited returns for investors. A number of crypto users have