• LTC capitalized on the current FUD in the crypto market and acquired some market share. 
• Despite the recent crash, the coin still holds on above the June lows.
• Hash rate increases along with wide usage as a payment method.

The recent tweet by Litecoin mentioned the increased hash rate reaching around 535.65 TH/s, bringing bling to the market of LTC. An increased rate would imply that the LTC network would be more secure and stable. Another optimistic side for the miners will be the increased transaction fee being generated by them. 

Another big thing for Litecoin is that payment amounts to one-fourth of the transactions made with the largest crypto process. Moving further with this, it has become the fastest-growing crypto payment method in the world. 

Let’s figure it out

The price increased, breaking the volatility in the market and witnessing mixed pull from both sides, bulls, and bears. The BB band is concaved as the market scenario changes amid the new milestones achieved. The price may ascend further to the level of $60. 

The CMF indicator goes green and moves closer to the 0-point level, reflecting the upcoming uptrend and attention gained. It may cross the 0 level and reach closer to the 0.5 mark. The MACD indicator continues in the bear momentum but will soon converge to become neutral. The RSI indicator goes flat at the average zone around 50-average. It may continue to remain in its existing position.

In the recent times

The price continues to slope up as the CMF indicator crosses the 0-level and rises to about the 0.04 mark. The MACD indicator has turned bullish after the divergence paired with a glimmer of purchases. The divergence may widen in the coming days to mark a strong bull sign. The RSI indicator stays around the 50-mark average and may remain this way. 

Conclusion 

The Litecoin market has surpassed its stagnant phase and is moving closer to the growth phase commencing with its wide use as the crypto payment method and increasing hash rates. It may be the initiation of the blooming season for the LTC.

Technical levels

Support levels: $47 and $50

Resistance levels: $59 and $63

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2022/11/20/litecoin-goes-lit-in-the-industry-ltc-to-attract-users-like-a-magnet/