Today, the latest news on Mimblewimble (MWEB) developments on Litecoin has been published .
Grin ++ developer David Burkett posted them on Litecoin Talk to illustrate the progress made in June.
Burkett has collected all the technical documents describing the MWEB changes, some of which however are only partially complete.
Litecoin, developments for integration with Mimblewimble
There are nine documents, ranging from the one describing the process for adding extension blocks to LTC, to the one describing how pruned sync will be supported in future releases.
Among these is also the one describing the original design chosen for the Mimblewimble extension blocks, which should provide a high-level understanding of how it works. In addition there is also the one that describes the approach to supporting one-sided transactions, instead of interactive transactions as in the traditional Mimblewimble.
Burkett also ran a review of all Litecoin node logic, to look for new ways to improve security and performance. Thanks to this revision he was able to make a number of improvements to the code and design.
These include the move from sha256 to faster blake3 for MWEB hashes, a new format for invisible addresses, more consistent with previous formats, and improved error detection.
Burkett handed these code changes to Quarkslab for audit along with related documentation, and also created a new code review with the most critical changes to Litecoin’s consensus code.
He also stated that they are working “for the activation of MWEB at the end of the year”.
Therefore, if everything goes as planned, by the end of 2021 Mimblewimble will finally be available on Litecoin.
This project was even launched in December 2019 by David Burkett on Litecoin Talk, when he announced that he had worked with ecurrencyhodler, Charlie Lee and others to design a Mimblewimble extension block to allow LTC users to have confidential transactions and more fungible coins
LTC Price Analysis: LTCUSDT Shows Bullish Recovery As it Marks its Tenth-Year Milestone
Litecoin is currently ranked the fifteenth cryptocurrency by market cap as it marks its tenth-year milestone in the crypto space. LTC holders generally do not see the tenth anniversary to be worth celebrating as their beloved crypto-asset gets dominated by Bitcoin BTC and underperform compared to other altcoins.
Litecoin LTCBTC Monthly Chart
The LTCBTC chart above highlights a bearish trend with the Bitcoin holders seeing more gains compared to LTC holders.
All attempts by LTC bulls against the BTC are to no avail as the price fails to close above a significant resistance, even with a consecutive bullish divergence in June and October ’21. We’ll need to see a price break above 0.007220 for confidence in a general price recovery for the LTCBTC.
However, the LTCUSDT is still promising with bullish recovery signals from the higher time frame, all the way down to the intraday charts. Read on as we uncover the significant chart patterns and price levels driving the LTCUSDT crypto pair.
Litecoin LTCUSDT Weekly Chart
The Litecoin price maintains a bullish outlook even after the market-wide price plunge on 10 May ’21, as the relative strength index trade above level-25 since 27 July ’20.
A recent bear-trap candlestick pattern on 27 September ’21 brings hope to LTC holders who have seen stunted returns and recovery compared to BTC and other ALT coins.
Litecoin LTCBTC Daily Chart
The 28 September bullish divergence on the daily chart above supports the bear-trap candlestick pattern on the weekly time frame, forcing the LTC price into an upbeat trajectory as old resistance [$187.00] of 24 September are now switched into support.
Bullish momentum at press time forced the LTC price above the 07 October high [$187.0] with a projected target at $240.00.
Litecoin LTCUSDT 4 Hr Chart
The regular bullish divergence support on 12 October ’21 08:00 fixed the LTC support level at $166.30 and advanced further to break the 14 October ’21 00:00 bearish divergence resistance, and flipping it into a new support level.
Although the RSI confirms a new uptrend at press time, the RSI values could drop below level-75, forcing a correction of the LTC exchange rate. The upward trend should persist as long as the RSI does not drop below level-25.
Litecoin LTC Intraday Levels
- Spot rate: 189.0
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $166.30 and $180.90
- Resistance: $193.00
Litecoin price analysis: Bullish momentum takes the price to $183. What’s next?
- Litecoin price analysis is bullish today.
- The nearest resistance is found at $185.4.
- The nearest support for LTC is present at $181.4.
The Litecoin price analysis reveals the market is again dominated by bulls. The price has increased today again for the third consecutive day. Overall during the last week, the price trend was slightly on a downslope, but the last three days proved worthwhile for the crypto pair as the price of LTC/USD increased from $172 to $184 during this time. Currently, the price is floating in the upper price envelope, which was found after the flash crash of 7th September. The nearest resistance for LTC/USD is present at $185.4, followed by another resistance of $189.6. On the contrary, support for LTC/USD pair is present at $181.4, followed by another support of $177.
LTC/USD 1-day price chart: LTC bulls to face resistance at $185.4
The 1-day price chart for Litecoin price analysis shows bulls are successfully maintaining the price above $180, they achieved the target yesterday and today are continuing further high. Today bulls covered the upwards range from $181.4 to the current price of $184. The LTC/USD pair gained over 2.5 percent value over the last 24 hours and around four percent value over the course of the last seven days. The trading volume has also increased by nearly six percent.
The volatility for LTC/USD pair is almost mild, but slightly on the higher side, and the Bollinger bands indicator shows a little upwards breakout with the upper band at the $194.8 mark, representing the resistance for LTC, and the lower band at the $141.6 mark, representing the lowest support for LTC/USD. The average of the indicator is at $168, which also is a support for the price, as the price is trading above the mean average.
The relative strength index (RSI) is in the upper half of the neutral zone on an upwards curve, indicating increasing buying activity in the market at a modest pace. The RSI is present at index 58 in the neutral zone.
The moving average (MA) is present at $178 below the price level complementing the bullish momentum. All the short-term moving averages and exponential moving averages support the bullish trend.
The Litecoin price analysis: Recent developments and further technical indication
The 4-hour price chart for Litecoin price analysis shows selling pressure forming in the market as price touched $184, which is evident by the last red candlestick, but traders can expect that this candlestick may turn green because the Bollinger bands have started diverging on both sides.
The increase in volatility which is indicated by the divergence of the Bollinger bands is providing more space for the upwards price function. The upper Bollinger band is now at $186, representing the resistance for LTC/USD. As the price trend is upwards, we can expect the price to rise further. The RSI has taken a downturn and is present at index 59, which is not a good indication.
Overall technical indicators support the bullish trend as 14 technical indicators show buy signs for LTC/USD assets, and only two technical indicators show sell signs, whereas 10 technical indicators show no signs and are standing neutral.
Litecoin price analysis: Conclusion
The litecoin price analysis shows bullish momentum is leading the price function. The selling pressure as noted on the 4-hour price chart may get reversed if the support remains strong and buying activity, as suggested by the 1-day RSI, keeps on increasing. Traders can expect the price to go above $184 in the coming hours.
Litecoin (LTC) Flips Ethereum (ETH) In Terms of Address Activity for Third Time in 2021
If something good that’s happening to Litecoin (LTC) as of now is that there’s a sudden surge in the Litecoin address activity as of now. On-chain data provider Santiment reported that Litecoin has flipped the world’s second-largest blockchain platform Ethereum (ETH) in terms of address activity. The data provider reports:
Litecoin has just flipped #Ethereum in terms of address activity for just the third time this year. We’ve also discovered that #Litecoin‘s payment count, which quantifies the number of addresses receiving $LTC, has hit an #ATH.
As per on-chain data provider Santiment, the daily active addresses have touched 600K which is phenomenal for a UTXO cryptocurrency. Furthermore, unlike Ethereum, Litecoin doesn’t enjoy the strong backing of DeFi or NFT contributing to active addresses.
Litecoin Payment Count Hits All-Time High
Another important metrics highlighted by the on-chain data provider “payment count” has broken the 2017 bull run high. The data [provider noted:
This specific UTXO metric counts the number of addresses which are receiving Litecoins. And it’s very close to count of active addresses. Okay, LTC belongs to UTXO. May be it makes sense to compare it’s onchain activity to Bitcoin.
LTC Price Remains Flat
Despite the recent surge in the address activity, it hasn’t been much reflected in the LTC price. The Litecoin (LTC) price continues to trade flat at $173.78 with a market cap of $11.9 billion.
Last month in September 2021, LTC shot to its 2021 high of $223 on the strong rumors that retail giant Walmart was going to facilitate LTC payments. However, this price sustained for less than 24 hours in what appeared to be a case of classic pump and dump.
One of the Litecoin executives also rushed to tweet regarding it later pulling it down. The Litecoin creator Charlie Lee later assured that they will figure out how this fake news popped into the market. However, we have yet to hear further details of the investigation.