- Litecoin price has defied gravity in the past few days.
- Its hash rate and mining difficulty have jumped to a record high.
Litecoin’s hash rate has surged to the highest level on record as the health of the network jumped. As a result, LTC price jumped to a high of $73.4, which was the highest point since May 18. It has jumped by more than 80% from the lowest level this week.
Litecoin hash rate jumps
Litecoin price has done relatively well in the past few days as investors buy the coin’s dip. It has recovered modestly after it hit a bottom of $40 in June of this year.
A closer look at on-chain data shows that Litecoin’s hash rate has jumped sharply recently. It has a hash rate of 556.66 TH/s. This is a significant increase since it started the year at around 326 TH/s. Its previous peak was in July 2019 when it rose to 462 TH/s.
Hash rate refers to the combined computational power used by miners to process transactions during mining. A high hash rate is a sign of health in the network since it indicates more security in the ecosystem.
Meanwhile, additional data shows that Litecoin’s mining difficulty soared to a high of 18.66 million. This is a significant point since it started the year at 10.98 million. Its previous peak was at 16.31 million in 2019.
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Other cryptocurrencies have seen their hash rates surge recently. Bitcoin’s hash rate has jumped to an all-time high of 266 EH/s, which was higher than where it started the year.
Litecoin price is holding steady despite the challenging market conditions. The Federal Reserve delivered a hawkish tone last week when it hiked by 75 basis points and hinted that rates will remain high for a long period.
The next key catalyst for the LTC price will be the upcoming American inflation data scheduled for Thursday this week.
LTC price prediction
The daily chart shows that the Litecoin price has made a strong recovery in the past few days. As it rose, it moved above the important resistance level at $67.32. It has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.
Therefore, there is a likelihood that the LTC price will continue rising as bulls target the next key resistance level at $80. A drop below the support at $60 will invalidate the bullish view.
