Power

The US cryptocurrency industry has been quite controversial in its growth. The country’s financial watchdogs are mostly being cautious about this new technology. However, as the power in the USA has changed its face, the situation for cryptocurrency might change as well.

Litecoin (LTC) price analysis, October 9, 2020. Litecoin is making positive moves for the past few days. The coin has rebounded twice but buyers fail to sustain the current uptrend above $48 high.

The concerted efforts made by the bulls to push above the $0.20500 resistance have failed after a second attempt. The bears are strongly defending the $0.20500 resistance.

Yesterday, buyers turned down from the $0.20500 resistance after an attempt to push the price above it. Certainly, the bulls lack buying power at higher levels.

Yesterday, Litecoin rebounded above the $44 low to reach a high of $47. Regrettably, the rebound is insufficient to break through the resistances of $47 and $50.

The Ukrainian Ministry of Energy offered the Energoatom energy generating company to explore the possibility of cryptocurrency mining using the potential of nuclear power plants.

The cryptocurrencies are still grappling with the bear markets. The altcoins have all exhausted selling pressure but the bulls lack buying power to come out of the downtrend. The coins are in a downward correction.

On April 10, HTC disclosed a plan to support its flagship blockchain phone, EXODUS 1s, with a Monero mining feature. This signifies a start of mobile mining, which holds a promise to bring power costs down and make cryptocurrency mining more decentralized.

Last week, the bears pushed Ethereum to the bottom of the chart. Ethereum nosedived to the low of $101 but pulled back above $120 to resume a sideways trend. The bulls could not push price above $140 resistance. Ether is also repelled each time price tested the resistance level. This also explains that ETH lacks buying power at a higher level.