Litecoin: Despite new update, LTC struggles to hold miner interest

ambcrypto.com:

On 2 March 2023, Litecoin [LTC] released a new network upgrade named Litecoin Core 0.21.2.2, which, according to the official announcement, was a new minor version release. The new release included an important security update affecting prior versions. The release further contained fixes that hardened node and network securities. 

Please update at: https://t.co/Jhu3nliBlj Learn more at: https://t.co/JG7FDCfbpD pic.twitter.com/vljdVCsvgG

— Litecoin Foundation ⚡️ (@LTCFoundation) March 2, 2023

Read Litecoin’s [LTC] Price Prediction 2023-24

While the update was pushed, LTC’s mining space witnessed growth. As per Coinwarz’s data, LTC’s network hashrate registered a slight uptick. An increase in hashrate generally suggests an influx of new miners into the network.

It was interesting to note that since the beginning of this year, LTC’s mining industry has flourished as its price has gone up considerably. However, miners’ interest might end soon as LTC’s price plummeted, suggesting less profits. 

Coinwarz

Additionally, as per CoinMarketCap, LTC’s price declined by over 7% in just 24 hours alone, raising alarm in the crypto space. At press time, it was trading at $89.12 with a market capitalization of over $6.45 billion. LTC’s daily chart suggested that the bears had entered the market and were driving the coin’s price down.

For example, LTC’s relative Strength Index (RSI) was headed further below the neutral mark. The Chaikin Money Flow (CMF) also registered a downtick. LTC’s price touched the lower end of the Bollinger Bands, suggesting that the coin’s price was about to enter a high volatility zone. The MACD’s data revealed a