Since late January, this year, Litecoin team has been working on adding additional features in the form of fungibility and confidential transactions on Litecoin Network as announced by the Litecoin creator Charlie Lee.
Lee again took to Twitter to share the latest developments in this area while explaining about the Mimblewimble implementation.
The extension blocks concept is similar to sidechains. Think of this as a MimbleWimble sidechain that is attached to the main chain using consensus via a softfork upgrade. You can opt-in by sending coins into the MW extension blocks and also send coins out back to the main chain.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 10, 2019
The team is actually working on a “solid plan” and would further bring forward Litecoin Improvement proposals (LIP) for the community to discuss and critique.We still have a lot of work ahead of us. Need to make sure the tech is solid and come up with a plan to test everything and safely upgrade the Litecoin network. When we have a solid plan, we will write up a Litecoin Improvement Proposal (LIP) for the community to critique.
Lee further clarified why they aren’t just making the block bigger as questioned by one Litecoin enthusiast,“Bigger blocks doesn’t solve fungibility.”
Litecoin Price Enjoying The Hype
Recently, Litecoin collaborated with the software development firm Beam to explore the implementation of new protocol Mimblewimble to improve the privacy and scalability of Litecoin.
This tongue-tied curse from the popular Harry Potter series is a part of the confidential transactions that allow the translations to be obfuscated but still verifiable. All the work on this new protocol that will be used along with “Extension Blocks” will be published under an open source license.
Following to the confidential transactions being in the works along with this collaboration, Litecoin jumped more than 30 percent. At the time of writing, Litecoin has been trading at $44.80 with 24-hours gains of 3.24 percent. In the BTC market, it is in green by 3 percent. With a market cap of $2.7 billion, Litecoin has become the 4th largest cryptocurrency, according to the Coinmarketcap data.
Litecoin 7-days price chart, Source: Coinmarketcap
There has been a dramatic increase in the price and volume of the Litecoin that spurred the price rise in the broad cryptocurrency market.
There has been much hype around Litecoin halving as well that is just 177 days away. Typically, Bitcoin halving garners all the attention, rightfully so, as experts have predicted that the next major bull run will be triggered by the 2020 halving. Akin to that, Litecoin price is expected to reach new highs as well, as it’s halving event comes closer.
Litecoin (LTC) Price Remains At Risk Of More Losses
- Litecoin price failed to stay above the crucial $75.20 support and extended losses against the US Dollar.
- LTC price tested the $70.40 level and it remains at a risk of more losses.
- There is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could decline sharply if there is a break below the $70.40 and $70.00 support levels.
Litecoin price is currently trading below key supports against the US Dollar and bitcoin. LTC could tumble towards the $65.00 or $62.00 support if the $70.00 gives way.
Litecoin Price Analysis
In the past few days, there were range moves litecoin price below the $84.50 and $85.00 resistances against the US Dollar. The LTC/USD pair made a few attempts to break the $84.50 resistance, but it failed. As a result, there was a drop below the $78.00 support and the 55 simple moving average (4-hours). The decline was such that the price failed to stay above the crucial $75.20 support and extended losses. Sellers even kicked the price below the $72.50 support level and a new monthly low was formed near $70.40.
The price is currently consolidating gains above $70.50. It broke the 23.6% Fib retracement level of the last drop from the $79.77 high to $70.72 low. On the upside, there is a strong resistance formed near the $75.20 and $75.40 levels. The 50% Fib retracement level of the last drop from the $79.77 high to $70.72 low is also near the $75.20 level. Moreover, there is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair.
Finally, the 61.8% Fib retracement level of the last drop from the $79.77 high to $70.72 low is at $76.20. Therefore, the price is likely to struggle near the $75.20 and $76.20 resistance levels. Only a successful close above $78.00 and the 55 simple moving average (4-hours) could start a fresh increase.
Looking at the chart, litecoin price is clearly trading below key supports at $75.20. If it fails to recover above $75.20 and breaks the $70.40 support, there could be more losses. A clear break below the $70.00 support may push the price towards the $65.00 level. However, the main support is near the $61.40 level (the previous breakout resistance area).
4 hours MACD – The MACD for LTC/USD is placed heavily in the bearish zone, with a lot of negative signs.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently recovering from 30, but it is well below 50.
Key Support Levels – $70.00 and $65.00.
Key Resistance Levels – $75.20 and $78.00..
Litecoin (LTC/USD) forecast and analysis on April 25, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 73.92. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Litecoin (LTC/USD) forecast and analysis on April 25, 2019
As part of the Litecoin course forecast, a test level of 77.20 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 64.10. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at 82.00.
Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotations of the pair above the 84.20 area. This will indicate a change in the current bullish trend for LTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on April 25, 2019 implies a test level of 77.20. Further, it is expected to continue falling to the area below the level of 64.10. The conservative area for selling Litecoin is located area of 82.00. The cancellation of the option of falling cryptocurrency will be the breakdown level 84.20. In this case, we can expect continued growth.
Litecoin Technical Analysis: LTC/USD bears gunning for full April advance reversal
- Litecoin price on Wednesday is on the back foot, nursing losses of 1.8% late in the session.
- LTC/USD bulls failed to capitalize on a bullish pennant pattern technical structure.
- Bears are looking to go in for the kill with a full reversal of April gains.
Spot rate: 72.73
Relative change: -2.01%
|Today last price||72.5556|
|Today Daily Change||-1.7608|
|Today Daily Change %||-2.37|
|Today daily open||74.3164|
|Previous Daily High||79.9394|
|Previous Daily Low||74.0157|
|Previous Weekly High||84.905|
|Previous Weekly Low||75.1323|
|Previous Monthly High||63.0977|
|Previous Monthly Low||45.1089|
|Daily Fibonacci 38.2%||76.2786|
|Daily Fibonacci 61.8%||77.6765|
|Daily Pivot Point S1||72.2416|
|Daily Pivot Point S2||70.1668|
|Daily Pivot Point S3||66.3179|
|Daily Pivot Point R1||78.1653|
|Daily Pivot Point R2||82.0142|
|Daily Pivot Point R3||84.089|
LTC/USD 60-minute chart
- Price action moving within a bearish near-term pennant pattern formation, subject to a breakout south.
LTC/USD daily chart
- A descending channel can be eyed via the daily, which could even be perceived as somewhat of a bullish flag pattern.