Litecoin (LTC) is currently trading at around $62 after a 12% jump in price since last week.
Over the past 24 hours, LTC has gained close to 3%.
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.
The altcoin 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 showing signs of recovery along with the rest of the cryptocurrency market.
Litecoin is up around 38% since the start of the new year. It has already pushed over $60 and will now look to target $70 after breaking through the resistance level around 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, LTC has surpassed its 200-day EMA at the time of writing, but it will need to close its daily candle above this level for the breakout to be confirmed.
There’s still a chance we could see a minor reversal back towards $60 before LTC pumps any higher.
I mentioned last week that I couldn’t foresee the price of LTC making a substantial move without first pumping above $60. Since Litecoin has now broken above this key level, I’m remaining positive and bullish.
In addition, volume is currently sitting close to $4 billion – 25% higher than last week.
The next resistance targets for LTC are between $72 and $78.
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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