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.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.