Litecoin, the 24th largest cryptocurrency, has experienced a 1.5% rise in price on November 5, reaching an intraday high of $67.20. This comes after a 12% drop from its highest level in October, and its downtrend may continue as its hash rate drops to its lowest level in almost a month. The hash rate, an important number in proof-of-work cryptocurrencies, has been in decline since October 7, reaching its lowest point at 1.1048 PH/s.
A falling hash rate is likely due to the poor performance of LTC price in recent months, as it remains down by 40.6% from the year-to-date high. While the current outlook for Litecoin is bearish, there is potential for it to reach $50.44. However, if the value of Litecoin rises above the double-top level of $74.30, it could rise to the 50% retracement level, which is 22.1% above the current level.
