Litecoin has proven to be one of the most stable cryptocurrencies during the recent chaos and volatility of the past month.
After falling to as low as $25 on 13th March Litecoin bounced back significantly, with it now consolidating just below the $40 level of resistance.
A breakout above $40 would indicate an upcoming 20% rally to the upside with $48 becoming a potential target to the upside.
However, with the market seemingly in a downtrend what’s more likely is another sell off that would take Litecoin back to test the $27 level of support.
Litecoin is one of the most well-known cryptocurrencies having been created back in 2013 when it was worth less than $3.
It has, like most cryptocurrencies, endured a turbulent existence with a series of bull and bear markets taking it to new all-time highs and lows.
The most momentous year for Litecoin was 2017 as it sensationally rallied from around $4 to more than $415, marking a staggering 10,000% return within the space of a year.
Since then Litecoin has struggled to sustain a comparable amount of momentum, falling short in its pursuit for a new all time high in 2019, as it failed to break above $150.
Several analysts have suggested that Litecoin could take many by surprise over the next 12 months as it reacts intuitively to Bitcoin’s halving event in May, which has historically been bullish for all cryptocurrencies.
As block rewards are halved miners need to ensure that overheads are met, which can only be done if the price doubles from what it was pre-halving.
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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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