Recent network data shows that mining hashrate on Litecoin’s network dropped 28% since the block reward halving occurred on Aug. 5, as miners forego the decreased profitability from obtaining LTC.
Litecoin Difficulty Declining
Data form mining pool BTC.com shows that Litecoin’s mining difficulty was of 15.93 million on Aug. 4, one day before the halving, and has gradually fallen to 11.40 million as of Aug. 22. The hashing power for Litecoin’s network has dropped 28%.
Hash rate and mining difficulty give an indication of the amount of computing resources being contributed to a cryptocurrency’s network, which includes securing transactions on the blockchain. It also provides a snapshot of the competition involved for miners hoping to obtain a block reward.
However, following the Aug. 5 halving, Litecoin miners only receive 12.5 LTC, compared to the 25 LTC block reward they were previously receiving. In addition, the price of Litecoin has been on the decline since the beginning of August, slipping from $93 at the halving to its current price of $74.
Most analysts predicted there would be market turmoil for the cryptocurrency in the aftermath of the halving. While the cryptocurrency has a reduced supply in the form of regular block rewards, the uncertainty surrounding mining and profitability has caused the price to take a hit.
Charlie Lee, Litecoin’s founder, said in the build-up to the halving that it would be a shock for miners,
When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine.
However, Lee predicted that the readjustment in mining difficulty would largely smooth things out for the cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on February 22, 2020
Cryptocurrency Litecoin (LTC/USD) is trading at 72.67. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on February 22, 2020
As part of the Litecoin exchange rate forecast, a test level of 74.90 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 65.70. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 80.00.
Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of 81.20. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on February 22, 2020 implies a test level of 74.90. Further, it is expected to continue falling to the area below the level of 65.70. The conservative sales area is located is near the area of 80.00. The cancellation of the option of falling cryptocurrency will be a breakdown of the level of 81.20. In this case, we should expect continued growth.
Litecoin Price Analysis: LTC/USD cannot break $69-66 or it will be punished heavily
- Litecoin price is trading in positive territory by 6.30% in the session on Friday.
- LTC/USD has caught some near-term respite, but the bias remains to the downside.
- Upside appears to be very much limited, with near-term rallies being sold.
LTC/USD weekly chart
The price is at risk of a trend reversal, following a weekly evening star closure last week. LTC is heading for a close below this, which would be a bearish signal.
LTC/USD daily chart
Critical demand seen at the $69-66 price range, failure to hold would be punishing.
Spot rate: 73.69
Relative change: +6.30%
|Today last price||73.6915|
|Today Daily Change||4.1378|
|Today Daily Change %||5.95|
|Today daily open||69.5537|
|Previous Daily High||72.3451|
|Previous Daily Low||66.0609|
|Previous Weekly High||84.4232|
|Previous Weekly Low||72.4372|
|Previous Monthly High||70.0854|
|Previous Monthly Low||38.7677|
|Daily Fibonacci 38.2%||68.4615|
|Daily Fibonacci 61.8%||69.9445|
|Daily Pivot Point S1||66.2947|
|Daily Pivot Point S2||63.0357|
|Daily Pivot Point S3||60.0106|
|Daily Pivot Point R1||72.5789|
|Daily Pivot Point R2||75.6041|
|Daily Pivot Point R3||78.8631|
Litecoin News Today – Has the Elliott Wave Formation Ended for LTC/USD?Litecoin (LTC) Price Today –
- Litecoin LTC price is 3.69% lower today
- The market sentiment remains weak for digital assets
- The Elliott Wave formation has been completed
Litecoin news today – The price of LTC took a slight drop on the day after a successful few days of trade. Recall that the overall market sentiment was held by a thread in recent days and today it remains weak. Hence the decline in the price of Litecoin. Per CoinMarketCap data at the opening of trade today the price of LTC was 3.69% down over the last 24-hours. Now it is looking like the Elliott wave formation has been completed for LTC/USD. Let’s see more about Litecoin’s price action below.
Litecoin LTC Price Completed a 5-wave Pattern
A close look at the daily chart for LTC/USD shows that the trading pair completed a 5-wave pattern in the last few hours of trade. Now it is beginning to look like the red ABC consolidation trendline is coming to an end as well. The charts show the A-B wave trendline stopped just close to the 61.8% Fib retracement position via the last wave. And now it is looking like the C wave is been projected to complete a move towards the $62.00 and $63.80 areas for LTC. LTC is down due to the overall poor sentiment of the digital asset market. Whether this trend will extend further than today or not remains to be seen.
Litecoin (LTC) Price Today – LTC / USD
As it stands going by the current shape of things, it looks like the price of LTC is stalling at its 50% Fibo retracement level which could be the bottom position of the C wave. However, this is slightly an uncommon situation for the digital asset. The low price point for the LTC/USD pair has also coincided with the 1.27% Fib extension position of the B wave.
Litecoin LTC Price Could Test $65
The price of Litecoin has been posting gains since the beginning of the year since the coin’s price broke above its long term resistance position that began in June last year. This recovery has remained in the confines of the ascending channel for the trading pair. This ascending channel support is now protected once mode meaning, there is still a possibility that the coin. may undergo a reversal will towards the $100 price mark. This price formation of the golden cross will likely bring another bullish season despite the slight correction that the price of LTC endured recently from its yearly high of $84. All in all, LTC will remain bullish for the time being despite a slight drop in the last 24-hours