Litecoin price remained in a consolidation part on Monday as traders mirrored on the happenings within the crypto trade. LTC was buying and selling at $57.30, which was about 20.7% above the bottom stage this 12 months. This value was about 21% under the very best stage this month. So, is it secure to buy Litecoin now?
Is LTC a very good funding?
Litecoin, like different cryptocurrencies, has been in a robust bearish pattern prior to now few days as considerations in regards to the sector continued. The greatest danger is the collapse of FTX, the second-biggest crypto trade on this planet after Binance.
As such, traders worry {that a} contagion danger might happen improve. Therefore, the variety of crypto withdrawals from exchanges has continued rising prior to now few days. At the identical time, Bitcoin’s worry and greed slumped to the bottom stage in months.
Historically, cryptocurrencies like Litecoin and Bitcoin are likely to crash arduous after a serious seismic occasion like FTX’s crash. Most of them dropped like a rock after the collapse of Voyager Digital and Terra’s ecosystem in May this 12 months. The solely distinction is the magnitude of FTX’s conflict and the position it has within the financial system.
Meanwhile, on-chain information reveals that Litecoin’s hash rate has crawled again after falling sharply final week. It has risen to a excessive of 542 TH/s, which was greater than final Friday’s low of 507 TH/s.
A hash rate is outlined as the measure of computational energy on a blockchain community. It is set by the variety of guesses made per second. The hashrate helps to find out the safety and mining issue of a blockchain’s community.
Litecoin’s hash rate is now barely under its all-time excessive of about 575 TH/S. This could possibly be an indication that the community has some exercise.
Litecoin value forecast
The four-hour chart reveals that the LTC value has been in a robust bearish pattern prior to now few days. It has moved barely above the necessary help stage at $55.75. The coin stays barely under the 25-day transferring averages. At the identical time, the Stochastic Oscillator has moved above the impartial level.
Litecoin has additionally fashioned a hammer sample, which is normally a bullish view. Therefore, the coin will doubtless proceed rising as consumers goal the important thing resistance stage at $63. A drop under the help at $55.7 will invalidate the bullish view.
How to buy Litecoin
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