Litecoin (LTC) is currently trading at around $55 after a 5% drop over the last 24 hours.
However, despite the recent decline, LTC price has risen almost 19% since last week.
Litecoin experienced exponential growth during the summer of 2019, hitting a yearly high of about $140 in August before breaking down over the second half of the year.
Litecoin reached a low of around $37 before recovering to $40, where the altcoin consolidated for a few weeks. Overall, from high to low, Litecoin lost about 68% of its value in the second half of 2019.
Interestingly, at the time of writing, LTC seems to be in better shape after a much-needed pump earlier this week.
Litecoin has already pushed over $50 and seems to be targeting $60, but is facing resistance from the 200-day EMA.
Will the positive trend continue? Let’s take a look at the LTC chart, courtesy of TradingView.
As you can see, after touching the 200-day EMA (the blue line) earlier this week, LTC seems to be dropping back down.
Last week, I mentioned I could not foresee the price of LTC making a substantial move without first pumping above $50. Volume really needed to grow for this to happen. Fortunately, the altcoin pushed through this key resistance level with ease.
Volume is also sitting close to $4.5 billion, 15% higher than last week – a clear sign of strength.
If the altcoin recovers past its current resistance levels around the 200-day EMA, I foresee LTC quickly pumping towards the next resistance level around $70.
Although we’re on a clear bullish trend, it may take longer for a pump towards $100 to take place. It’s likely that the next significant rise in price will only happen during the BTC halving event, which is taking place sometime in May 2020.
Watch the new #MagicalCryptoFriends Episode 30: Magical Mothers. In this episode we talk about mining in China being “legalized,” a special announcement, the Litecoin Summit, & Litecoin MimbleWimble extension blocks. Thanks @BTSEcom for sponsoring this ep! https://t.co/6sRxc1ly0H
— Magical Crypto Friends (@magicalcrypto) December 1, 2019
Recently, the “Magical Crypto Friends” show – which is available on YouTube and features Litecoin founder Charlie Lee – discussed the Litecoin Summit 2019.
The show covered the most important discussions in the community. From Litecoin acting as a store of value to new development updates.
Lee confirmed that the project was working on privacy improvements as well. The Litecoin development team is working with the Mimblewimble protocol, specifically the developers behind Grim, with a view to potentially adding the privacy protocol as an extension block.
According to Lee, it would work as follows:
“We’re working with the Grim++ developers to add an implementation of Mimblewimble. It adds an extension block to the Litecoin main-chain. You can transact between chains to use enhanced privacy.”
The goal would be to give Litecoin users improved privacy features when transacting.
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It is a fork of Bitcoin, with the main difference being a smaller block generation time. The protocol also increased the maximum number of coins and implemented a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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