Litecoin Market Overview: LTC/USD plummets by 7% even as mining hashrate sets a new high

LTC/USD went down from $84 to $78 this Monday, plummeting by 7%. Overall market momentum is bearish, and bulls will need to rally together and protect critical support at $75. Technical analysis shows that further downward movement is expected. Despite all this, there is some good news. As per BitInfoCharts, Litecoin has recently set a new high in mining hashrate and a new record number of Lightning nodes. The hashrate peaked at 359.43TH/s on April 8th, edging out the previous high reached 11 months ago at 342.88TH/s.

LTC/USD Daily Chart

• LTC/USD is ready for a breakout from the triangle formation.
• Despite bearish momentum, the market is trending above both the 50-day simple moving average (SMA 50) and SMA 200 curves.
• Immediate support is at $75 which the bulls will need to protect.
• The Elliot wave oscillator shows eight consecutive bearish sessions, albeit of decreasing intensity.
• The signal line has diverged away from the moving average divergence convergence (MACD) line showing increasing bearish momentum.
• The relative strength index (RSI) has crept into the neutral territory from the overbought zone.