Should you buy Litecoin as its hash rate rebounds?

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litecoin price Monday remained in a consolidation phase as investors reflected on events taking place in the crypto industry. LTC was trading at $57.30, up nearly 20.7% from this year’s low. The price was down nearly 21 per cent from this month’s high. so, is it safe buy litecoin Now he?

Is LTC a good investment?

litecoin, like other cryptocurrencies, has been in a strong bearish trend over the past few days as concerns about the region continue. The biggest risk is the collapse of FTX, the world’s second largest crypto exchange after Binance.

In such a situation, investors fear that the risk of infection may increase. Therefore, the number of crypto withdrawals from exchanges continues to increase over the past few days. Additionally, fear and greed for bitcoin fell to its lowest level in months.

Historically, cryptocurrencies like Litecoin and Bitcoin have crashed hard after a major seismic event like the FTX crash. Most of them fell like a cliff in May this year after the ecosystem collapse of Voyager Digital and Terra. The only difference is the magnitude of the FTX’s conflict and its role in the economy.

Meanwhile, on-chain data shows that Litecoin’s hash rate has been creeping back after falling sharply last week. It has reached a high of 542 TH/s, which was higher than last Friday’s low of 507 TH/s.

A hash rate is defined as a measure of the computational power on a blockchain network. It is determined by the number of guesses made per second. The hashrate helps determine the security and mining difficulty of a blockchain network.

Litecoin’s hash rate is now slightly below its all-time high of around 575 TH/S. This may be a sign that there is some activity in the network.

Litecoin Price Forecast

The four-hour chart shows that LTC price has been in a strong bearish trend over the past few days. There was a slight move above the crucial support level of $55.75. The coin is trading slightly below the 25-day moving average. At the same time, the Stochastic Oscillator has moved above the neutral point.

Litecoin has also formed a hammer pattern, which is usually a bullish scenario. Therefore, the coin is likely to rise as buyers target the key resistance level at $63. A decline below the $55.7 support would invalidate the bullish outlook.

how to buy litecoin


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