Ekta Mourya
FXStreet
Litecoin transaction count explodes on the world’s largest crypto payment processor BitPay. The altcoin outperformed other cryptocurrencies in the aftermath of FTX exchange collapse and ranks second to BTC in transaction count according to BitPay statistics.
Also read: Bitcoin dominance stagnates after FTX bankruptcy as investors pull out of BTC
Litecoin, the 13th largest crypto by market capitalization witnessed a massive spike in its transaction count on payment processor BitPay. One of the world’s largest crypto payments processors, BitPay released its statistics for the last six months.
Based on data from the crypto payment provider, Litecoin ranks second to Bitcoin in transaction count. 
Transaction count for last six months on BitPay
Litecoin ranks first among all other cryptocurrencies sans Bitcoin, Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), USD Coin (USDC) and XRP. Litecoin’s increasing popularity is coupled by higher accumulation of the altcoin by large wallet investors in the network.
As per data from a large wallet tracker service Whale Alert, there were two large LTC transfers recently. The first accounted for $5.8 million in LTC and the second was worth $59.8 million. Find details of the second transaction below:
$59.8 million in Litecoin transferred by whale
Both transfers have the same sending and receiving addresses, implying that the same large wallet investor made both transfers. Exchange outflows are considered bullish for assets. Litecoin’s exchange outflow is therefore a bullish indicator for the asset.
Litecoin yielded 11.5% gains over the past month, outperforming other altcoins post the FTX exchange collapse. Based on the chart below, the 200-day Exponential Moving Average (EMA) at $68.89 and 50-day EMA at $67.44 are acting as support for altcoin.
Litecoin price is likely to face resistance at $85.03 in its uptrend and the target for the altcoin is $101.50. 
LTC/USDT price chart
A decline below support at $68.89 could invalidate the bullish thesis for altcoin.
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A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible.
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