Connect with us

Crypto News

Litecoin Swings between $48 and $64 as It Resumes an Uptrend

Published

on

Litecoin Swings between $48 and $64 as It Resumes an Uptrend

Nov 22, 2022 at 14:50 // Price

Litecoin (LTC) price is trading in the uptrend zone as it crossed the moving average lines. At the high of $64, the upward momentum had come to an end. Since November 8, the price has moved in this direction.


The price could not hold above the last high as buyers failed. If the barrier of $64 is overcome, Litecoin will rise to a high of $75. On the downside, Litecoin will continue to move in a band between $48 and $64, where the upside will be staved off. For a possible upside move, the cryptocurrency has pulled back above the 21-day line SMA today. If it is rejected at the recent high, Litecoin will fall into the range.


Litecoin indicator analysis


Litecoin’s 14-period relative strength index is currently at 54. The cryptocurrency is in an uptrend and could continue to rise. The price bars are currently above the moving average lines, which indicates that the price of the cryptocurrency will continue to rise. Litecoin is in an uptrend and is above the daily stochastic value of 40.


LTCUSD(Daily_Chart)_-_November_22.22.jpg


Technical indicators 


Resistance Levels: $140, $180, $220



Support Levels: $100, $60, $20


What is the next move for Litecoin?


The Litecoin price is fluctuating in a sideways movement between $48 and $64. It is currently between the moving average lines on the 4-hour chart. The cryptocurrency will continue to move sideways for a few more days.


LTCUSD(_4_Hour_Chart)_-_November__22.22.jpg


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.


Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto News

Crypto Derivatives DEXs Reposition for Life After FTX

Published

on

Crypto Derivatives DEXs Reposition for Life After FTX


That’s driven lots of new interest to some of the earliest decentralized players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in interest for his trading platform, which he claims cannot fall prey to the same pain points that felled FTX and its sister company, Alameda.


Source link

Continue Reading

Crypto News

Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Published

on

Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.


Source link

Continue Reading

Crypto News

Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits – Mining Bitcoin News

Published

on

Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago.

Bitcoin’s Hashrate Slips Lower

The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network’s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH/s) before the blowout.

There was a quick burst of increased hashrate the day after FTX filed for bankruptcy and BTC’s total hashrate tapped an all-time high on Nov. 12, 2022. At block height 762,845, bitcoin miners managed to get the hashrate to briefly rise to a whopping 347.16 EH/s. Since then, the hashrate has divebombed and slid below the 200 EH/s range on Nov. 26.

Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

Presently, bitcoin miners have managed to rise above the 200 EH/s region, to the current 236 EH/s recorded at 10:15 a.m. (ET) on Dec. 2, 2022. The drop in hashrate indicates that unprofitable mining entities have been forced to shut down machines, while only the strong operators survive.

At the time of writing, the estimated cost of bitcoin production ($16,956) is awfully close to the leading crypto asset’s spot market value ($16,897). Previously, the cost of bitcoin production was $18,313 on Nov. 30, which was significantly higher than BTC’s spot market value. With a drop in BTC production costs, it makes it easier for current operators to survive.

Bitcoin miners are also expecting a large mining difficulty reduction between 6.56% to 7.9% lower than today’s difficulty rating on or around Dec. 5, 2022. Presently, the estimated mining difficulty reduction could be the largest difficulty drop the network has seen in 2022. Since Nov. 30, up until Dec. 2, 2022, roughly 80 exahash of hashpower has been removed from the network’s total hashrate.

Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, bitcoin mining sector, block rewards, block times, Blocks, braiins.com, cash reserves, Change in Difficulty, Cost of Production, Cryptoslate, difficulty change, difficulty retarget, glassnode, Hash Price, Macromicro.me, Miners, mining, Mining BTC, Mining Difficulty, Mining Operations, Mining Pools, Mining Report, pay down debt, selling BTC

What do you think about the current state of Bitcoin’s hashrate? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2″;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));


Source link

Continue Reading

Trending