LTCUSD (Litecoin) – Week 19 – New top, now correction

Dogecoin’s merge mining profitability has flipped Litecoin by over 200%. According to Bitinfocharts, the meme-mining coin's revenue per one gigahashes second (GH/s) of computational power in a single day is $25, up tenfold since early April and in line with DOGE's price increase over the past month. During the same time frame, one GH/s mining revenue on LTC has only increased from $5 to about $8.

Technically, after the top of $372 USD being reached on the 7th of May we are expecting a bigger correction for this pair. We think the price will fall and reach at least the minor support area or the blue trendline marked on the chart.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.