•Litecoin recently released a network upgrade to improve its network security and fix critical issues.
•The Litecoin price spiked following the upgrade, encouraging miners to join the network.
•However, the recent price drop of 7% in 24 hours has caused miners to lose interest in LTC.
The Litecoin Foundation announced an update named Litecoin Core 0.21.2.2 on March 2 and shared the information on Twitter. This upgrade is designed to improve its network security and fix critical issues affecting nodes, making it more efficient and accommodating users’ needs.
LTC ended 2022 at $68 but recorded an intraday high of $70 and an intraday low of $67.79 on the same day. On January 1, LTC kicked off with positive price movements, pushing its price to $74 by day’s end until it hit $90 on January 14 and then finally reached $101 on February 2. From February 3 up till March 3, LTC traded between $80-$100 on some days before dropping again down to $89 at press time due to a 48.42% drop in trading volume indicating slow activity with the coin.
Coinwarz data show that following this upgrade, there was a slight uptick indicating new miners had joined the network as a result of this encouraging news – however this was not enough for investors given the 7% drop in 24 hours shortly after which scared them away from investing further into LTC causing miners to rapidly lose interest in it once again as well as resulting in its current state at press time trading below $90 again after reaching highs of near about triple digits just weeks before that .
Indicators Showing Bearish Trend
Other indicators showing bearish trend include relative strength index (RSI) headed below neutral mark, downtick on chaikin money flow (CMF), lower part of bollinger bands touched indicated higher volatility area ,and MACD shows bearish move which suggests more bear runs coming soon .
In conclusion, although Litecoin’s recent update increased miner interest initially due to positives changes made by developers ,the sudden drop of 7% within 24 hours caused miners to lose interest once again suggesting that additional improvement might be needed for investors’ confidence returning back into this crypto coin .