Litecoin Price Defies Gravity as Buyers Eye $100
Litecoin has rallied by about 60% from its lowest point this month.
Its hashrate is hovering near its all-time high.
LTC has lost its close correlation with Bitcoin.
Litecoin price has done well in the past few days as its divergence from Bitcoin continues. LTC was trading at $76.85 on Tuesday, which was about 60% above the lowest level this month. It is also hovering near its highest level in May, giving it a market cap of over $5.4 billion.
LTC hashrate steady
Litecoin is one of the oldest cryptocurrencies that emerged from a fork of Bitcoin. It is a proof-of-work cryptocurrency that was created to solve some of the biggest Bitcoin’s challenges. For example, it has faster speeds and significantly lower costs than Bitcoin.
Litecoin’s mining costs are also much lower than those of Bitcoin. However, because of its volatility, it has not been used widely as a payment option. Based on its hashrate, Litecoin is not as safe as Bitcoin.
It is unclear why LTC price has done well in the past few months even as other coins remained on edge. A likely reason is that activity in its ecosystem has done well in the past few days.
For example, Litecoin’s hashrate is hovering near its all-time high of near 600 TH/s. After falling to 527 TH/s, the coin’s hashrate has risen to 568. Hashrate is an important figure in proof-of-work cryptocurrencies because it is a measure of a network’s security.
Similarly, Litecoin’s mining difficulty has been in a strong upward trend in the past few months. It currently stands at 19.24 million, which is a few points below its all-time high of 20 million.
Litecoin Google searches
Another possible reason why Litecoin price is rising is Fear of Missing Out (FOMO). This happens when investors rush to buy a coin that is in a bullish trajectory. Indeed, data by Google shows that the number of search queries on Litecoin has been in an upward trend and is now at the highest level since June this year.
Litecoin has also lost its close correlation with Bitcoin. While its price has popped, Bitcoin remains on the verge of a bearish breakout.
Litecoin price forecast
Is it safe to buy Litecoin? LTC price has been in a bullish trend in the past few days. It has managed to move above the important resistance level at $67.56, the highest level on September 13. It also rose above $73.13, which was the highest point on November 7.
Litecoin’s rally is being supported by the short and long-term moving averages while the Relative Strength Index (RSI) has moved above close to the overbought level. Therefore, the coin will likely continue rising as buyers target the key resistance at $100.
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