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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 11, 2023 12:45 UTC
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LTC Price Analysis: Rising Hashrate With LTC Price Contraction Hints at Imminent Breakout!
LTC price action displays a sideways trend above the $80 mark.
The bullish recovery attempt faces opposition from the 50-day EMA.
A drop below $80 will crash the LTC price to $72, a 10% drop.
In the 4-hour chart, the LTC coin price falls in a bearish channel leading to a 27% drop in the last 40 days. In short, Litecoin prices dropped to the $80 support level from the height of $113. Currently, the prices remain sideways for the past seven days, staying afloat at $80.
Moreover, the bullish attempt to start a positive cycle in the falling channel faces rejection at the 50 EMA. This contraction in LTC price traps the trend momentum teasing a potential breakout rally of high momentum. However, the breakout side is still questionable.
In a recent tweet from Litecoin, the recent network statistics provide strong evidence for a bullish outlook on the cryptocurrency. The robust hashrate of 908.5 TH/s is indicative of a secure and thriving network, with increased mining activity reflecting confidence in the coin’s future.
The block height, now at 2,524,545, continues to grow, marking the network’s ongoing development. The difficulty level, although ambiguously stated as 26,65, is a key metric that adjusts to maintain the network’s integrity.
The overall uptrend in the daily chart also faces bearish pressure with the ongoing correction phase. Moreover, the death cross possibility in teh daily chart increases, threatening a bearish fallout of the channel.
Considering the buyers fail to hold dominance at $80, the LTC price will challenge the $72 mark.
On the positive side, a bullish reversal breaking above $85 can fuel the breakout rally and pump the LTC price to $95. If the breakout rally sustains momentum, the uptrend can reach $103.
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