• Litecoin network difficulty has reached its highest levels since October 2019.
  • The MACD also shows that market momentum is about to reverse from bearish to bullish.

LTC has been on an uptrend after it bounced up from the $47.24 support line and managed to go up to $49.44 over the last seven days. The buyers tried to break past the $50.85 resistance level in the interim but got immediately thwarted.

As of now, the goal for the buyers is pretty straight forward. The present candlestick is the green seven, meaning it still has some room to grow. The buyers must now aim to go above the $50.83, which it had previously failed to do so. The MACD also shows that market momentum is about to reverse from bearish to bullish, so that’s another positive sign.

LTC/USD daily chart

LTC/USD daily chart

LTC IOMAP

fxsoriginal

The IOMAP is a pretty helpful tool that helps us realize the upside and downside potential of a particular asset. In this case, we can see that LTC can potentially go up to $53.94 before it encounters a strong resistance level. On the downside, the price is sitting on top of a healthy support level, so downside movement (for now) is somewhat limited.

LTC Network Metrics

Difficulty

fxsoriginal

For POW (proof-of-work) coins like Litecoin and Bitcoin, “difficulty” is a metric that determines how time-consuming the mining process is. It keeps in check the rate at which the blocks are getting mined. As you can see in the graph above, difficulty has reached its highest levels since October 2019.

So, how have the miners responded to this? Pretty well, actually.

Hashrate

fxsoriginal

Hashrate is a metric that determines the computational ability of a network and is directly proportional to miner activity within the network. More the hashrate, more the speed and overall security. As you can see in the screenshot above, the hashrate has increased proportionally with the difficulty. This is an excellent sign for the bulls since a healthy network can attract more investments.

Key levels

LTC/USD

Overview
Today last price 49.5926
Today Daily Change 0.4892
Today Daily Change % 1.00
Today daily open 49.1034
 
Trends
Daily SMA20 52.9169
Daily SMA50 56.5242
Daily SMA100 50.1397
Daily SMA200 47.3888
 
Levels
Previous Daily High 49.6702
Previous Daily Low 47.1567
Previous Weekly High 49.4809
Previous Weekly Low 45.3063
Previous Monthly High 68.9714
Previous Monthly Low 51.615
Daily Fibonacci 38.2% 48.71
Daily Fibonacci 61.8% 48.1168
Daily Pivot Point S1 47.6166
Daily Pivot Point S2 46.1299
Daily Pivot Point S3 45.1031
Daily Pivot Point R1 50.1301
Daily Pivot Point R2 51.1569
Daily Pivot Point R3 52.6436

 


 

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