Litecoin (LTC) has just lately accomplished its most bullish week since June, following a exceptional rise. The “digital silver” registered over 24% positive aspects within the final seven days alone. There’s no primary catalyst for the token’s spectacular rise. However, its positive aspects come amidst its hash charge reaching a brand new all-time excessive throughout the week.
Furthermore, it has began the week off on a optimistic be aware by confirming its partnership with Wanchain. As far because the community’s interoperability is involved, this information is a giant win.
Litecoin Joins Polygon To Lead the Top 20 Tokens In Gains
In the earlier week, Litecoin has gained 24%, propelling it into the highest 20. These positive aspects come regardless of different tokens within the prime 20 league registering substantial losses and few positive aspects. For occasion, Bitcoin, the mom crypto, solely gained round 1.65% prior to now week, per CoinMarketCap metrics. In reality, no token within the prime 5 positions recorded up to 5% positive aspects. Besides Litecoin, Polygon is the opposite top-20 token with large positive aspects within the earlier week. The Ethereum layer-2 protocol, MATIC, was seen displaying positive aspects of 40%.
LTC started a run on October 21 after reaching a low of $49.55. But November is establishing to be a bullish month for the altcoin. Since the start of the month, Litecoin has seen 5 consecutive days of rising costs. On November 7, it set a brand new intraday excessive of $73.29. This was the very best worth since May of this 12 months.
Most of LTC’s positive aspects got here on November 1st when the coin registered 15% positive aspects in a single day. The primary catalyst was MoneyGram’s announcement that it’d permit U.S.-based clients to buy LTC and different cryptos in its app.
Can LTC Keep up The Momentum?
Considering its current place, LTC’s upward trajectory may quickly degree off. This is as a result of the cryptocurrency has already reached excessive overbought ranges throughout its latest bull run. At the time of publication, the RSI main indicator for the token was additionally signalling a potential reversal.
Looking carefully at its worth exercise suggests additional room for promoting stress. For occasion, after hitting all-time low in June, the value of litecoin has been steadily climbing inside an upward channel. In the ultimate week of final month, it retested the road of resistance, elevating the prospect of a reversal to the draw back.
In reality, prior to now week alone, Litecoin has gained as a lot as 25. Its efforts to get away of the decrease zone are doubtless diluted by merchants grabbing fast income. However, the absence of bullish stress will make this fragile and permit the bears to achieve floor. To put it one other manner, this is a unbelievable likelihood for brief sellers.
LTC Mining Difficulty Reaches New High
According to Litecoin Foundation, mining issue has set a brand new excessive of underneath 18 million hashes. As of Friday, November 5, the mining issue for Litecoin elevated to 17.99 million hashes at block 2,363,707.
The spike in Litecoin’s mining issue means that extra miners have joined the community, rising competitors and making it tougher to revenue.
Featured picture from Pixaby and chart from TradingView.com
