In August, Marathon’s Bitcoin mining rate decreased by 9%.

August saw 1,072 Bitcoin (BTC) produced by American crypto mining company Marathon Digital Holdings, which is 9% less than in July but five times greater than in August 2022.

The unaudited BTC output and miner installation updates for August were released by Marathon on September 5. The company boosted its installed hash rate by 1% month over month to 23.1 Exa hashes in August, while it increased its operating hash rate in the United States by 2% month over month to 19.1 Exa hashes.

As several ETH price measures fall, the ETH price may lose the $1.6K support.

Between March 10 and March 18, when the Federal Reserve injected $300 billion to remedy Silicon Valley Bank’s insolvency, the price of ether increased by 31.3%. Since that time, the price of Ether (ETH) has consistently maintained a closing price above $1,600 each day.

Given the current bearish tenor in the cryptocurrency market and the deteriorating metrics on the Ethereum network, investors are increasingly questioning Ether’s ability to hold this support level.

Since the middle of August, Litecoin (LTC) has been firmly stuck within the $60 to $70 range, entering a tight consolidation phase. Several attempts to surpass $70 have failed.

As Visa announces plans to use the SOL blockchain for USDC payments, the price of Solana rises by 7%.

Bitcoin is lower (0.15%) at 25,746.20, Ethereum is down (0.14%) at 1,631.63, Litecoin is down (0.25%) at 62.98, Solana is up (2.29%) at 19.78, Dogecoin up (0.22%) at 0.64.

LITECOIN: TECHNICAL OVERVIEW

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 63.03, indicating a Sell signal.
• EMA 20: The 20-day EMA is at 63.90, signaling a Sell sentiment.
• EMA 50: The 50-day EMA currently sits at 66.18, suggesting a Sell indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 62.96, reinforcing the Sell recommendation.
• SMA 20: With a value of 63.94, the 20-day SMA also supports a Sell sentiment.
• SMA 50: The 50-day SMA registers at 64.87, affirming a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 37.63, signifying a negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 64.65
• Support: The support level is identified at 61.62

Summary And Trade Suggestions

In summary, the technical analysis of Litecoin points towards a sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favorable for traders to enter a short position.

Trade Suggestion:

• Entry Point: 60.71
• Take Profit: 55.54
• Stop Loss: 64.90