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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.