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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.
  • As per BitInfoCharts, Litecoin has recently set a new high in mining hashrate.
Litecoin Market Overview: LTC/USD plummets by 7% even as mining hashrate sets a new high
Rajarshi MitraRajarshi MitraIndependent Analyst

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.
     

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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