Litecoin price prediction is bullish above $60, a support level extended by an upward trendline. An ascending triangle pattern on the 4-hour timeframe will likely continue the uptrend upon a breakout of $64. Following the collapse of FTX, the price of Litecoin has fared far better than that of most other cryptocurrencies. As evidenced by the coin’s usage, Litecoin has maintained its demand despite fluctuations in the cryptocurrency market.

Litecoin surpassed other altcoins in total transactions for October, becoming the second-most used asset. LTC was the second most popular cryptocurrency, accounting for nearly 25% of all transactions, trailing only Bitcoin (46.38% of all transactions).

Litecoin has established itself as one of the most important cryptocurrencies, surpassing coins such as Ethereum and Cardano to become the leading cryptocurrency processor. It could be critical in assisting the LTC/USD to gain value.

Litecoin Hashrate Dropped

While investors were concerned about the recent FTX crisis, the price of Litecoin fluctuated sideways. For example, the cryptocurrency exchange Gemini temporarily suspended withdrawals on November 16 due to an increase. Temasek, a large Singaporean investment firm, announced that it had written down its $275 million investment in FTX. FTX has continued to be the subject of lawsuits in the United States and elsewhere.

Furthermore, Digital Currency Group (DCG) has suspended withdrawals and loan origination. It is noteworthy because DCG owns prominent businesses such as CoinDesk and GreyScale Investments, which manage the largest Bitcoin Futures ETF. The price of LTC/USD consolidated as the fear and greed index for Bitcoin fell into the fear zone.

Hashrate, which measures the computing power of a blockchain, is an important parameter in proof-of-work cryptocurrencies. The hash rate of Litecoin has dropped to its lowest level since November 13. On November 17, the Hashrate reached a low of 517 TH/s, far below the maximum of 580 TH/s. That is why the LTC/USD price was consolidating. However, it is now at 523 TH/s, indicating that LTC/USD is on the mend.

Litecoin Mining Difficulty Increases

The mining difficulty for Litecoin has reached 18 million hashes, the highest level since the cryptocurrency’s launch 11 years ago, according to on-chain data. Miners create random hashes in order to solve the algorithm that generates a block. The current reward is 12.5 LTC. However, a Litecoin halving event is not far away.

This is expected to happen in July 2023, lowering mining rewards to 6.25 LTC per generated block. The next halving event has the potential to significantly increase the price of Litecoin. It remains to be seen whether the halving event will produce results comparable to the previous two cycles.

In the most recent charts, the LTC/USD price is rising as a result of the positive reaction from the Litecoin community to the news.

Litecoin Price Prediction – Can Bulls Take LTC All the Way back to $100?

Litecoin’s current price is $63, with a 24-hour trading volume of $583 million. In the last 24 hours, Litecoin has dropped less than 0.50%. With a live market cap of $4.5 billion, CoinMarketCap currently ranks 16th. It has a maximum supply of 84,000,000 LTC coins and a circulating supply of 71,645,894.

Litecoin Price Prediction – Technical Outlook

Support Resistance

58.41 64.60

54.63 67.01

52.22 70.79

Pivot Point: 60.80

Litecoin Daily Chart – Source: Tradingview

Technically, the LTC/USD pair has formed a double-top pattern at $64, extending resistance. A bullish break above this level has the potential to push LTC/USD prices up to $67.60 or $72.50. On the downside, Litecoin’s immediate support is $60.

Keep an eye on $64 to trade bullish above it and bearish below it.

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