Hi, Traders ! **Monfex** is at your service !

**The Litecoin network’s hash rate has dropped 60 percent since its halving.**


\* The Litecoin network is getting less secured too fast. After the new coins mined on August 5 was cut in half, the network’s hash rate – computing power that covers the network from assault – has fallen, likewise.
\* Technically, LTC has hit against the Resistance at $61.50 – $62.50 and failed to rise higher. The five consecutive Daily candles have left the wicks at this level.
\* Though the price keeps above the 21 Daily [EMA](https://www.tradingview.com/ideas/ema/) , a failure to break higher for the five days in a row has considerably diminished the [bullish](https://www.tradingview.com/ideas/bullish/) strength.
\* Hence, we expect the Bulls to retreat and descend to retest the mid-term Support (that corresponds to the verge of the [wedge](https://www.tradingview.com/ideas/wedgepattern/) ) at $51. After that, the Bulls would get the second chance to consolidate before the next impulse up.
\* The news about the hash rate must be fully incorporated into the analysis and should be watched closely in order to reveal any remarkable improvements.

**Short-term trade signal**

Sell @ $58 – $60.
Target: $51.
Stop-loss: $62.

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*DisclaimerThis report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.*

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