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Litecoin Confirms MimbleWimble Test Network Set Later This Year, LTC Price Predictions are High

Litecoin’s core developer, David Burkett confirmed that the test network for MimbleWimble’s implementation is set for September this year. Litecoin features faster transaction verification times and improved storage efficiency compared to Bitcoin.

Litecoin is taking a step further towards implementing the MimbleWimble on the network, and Burkett noted that “confidence is returning to the space and to cryptocurrency as a technology,” in his latest update.

Litecoin’s protocol in development, MimbleWimble has been created to enable more privacy and fungibility to the network, which was started in H2 2019. Mimblewimble is the tongue-tying curse debuted in Harry Potter, which binds the target’s tongue from speaking on a specific subject.

When compared to the Bitcoin network, MimbleWimble takes up only 10 percent of the data storage requirements, allowing it to be highly scalable for storing blockchain, and enables further decentralization.

The project has had a focus on the initial block download, which is a feature that will improve the scalability of the Litecoin network. The initial block download will enable transactions to be verified by only checking the “state of the chain.” MimbleWimble has a different verification mechanism compared to the Bitcoin network, which will allow miners to verify transactions without downloading all the blocks on Litecoin. Burkett added:

“When developing projects this large, things rarely go exactly as planned, so the design changes over time. Having a chance like this to go back through the code and clean things up, re-evaluate decisions made, etc. will really pay off in terms of code quality, hopefully allowing for a smooth first testnet launch at the end of September.”

According to TradingView analyst Faibik, Litecoin (LTC) price will most likely break upwards from a descending parallel trading channel. The analyst noted that Litecoin has hit the upper boundary of the trading channel, and LTC price is expected to break upwards and that the Litecoin price could rise to the $120 threshold. Litecoin is trading at $58.28 at press time.

Source: Trading View

The chart’s daily timeframe shows that LTC/USD will have a bullish exponential moving average cross, which could mean a Litecoin bull run.

Possible cross-chain communication integration with Cardano?

Last month, IOHK CEO and Cardano founder Charles Hoskinson announced that Cardano has allocated a cross-chain communication team to build a network enabling interoperability between blockchains.

Cross-chain communication could enable users to use Hydra to send value to and from other major networks including Bitcoin and Litecoin.

Earlier in July, Charles Hoskinson said he would “love the idea” of testing cross-chain communication between Cardano and Litecoin, and Charlie Lee, the creator of Litecoin responded with, “Sure!”

Litecoin (LTC) Price Analysis – March 18, 2021

The price of Litecoin (LTC) successfully rebounded above $200. However, it seems that LTC is currently facing headwind and suffering from strong selling pressure.

LTC currently ranks 9th among cryptocurrencies, with a market value of $13,616,145,107. LTC has failed to continue soaring but Bitcoin’s upward surge to $60K may help LTC bulls seek higher targets.

However, if the seller pushes the price below $200, it may be difficult for the bulls to maintain their upward momentum.

Litecoin (LTC) Price Analysis

Source: LTC/USD Daily via TradingView

At the time of writing, LTC was trading at $203.93. According to data from CoinMarketCap, Litecoin’s intraday trading volume decreased by 14.14% to $3,902,922,275. The reduction in trading volume may indicate a lack of enthusiasm for the bulls, allowing sellers to step up their attacks on the critical level of $200.

In the past 24 hours, the price of Litecoin has been fluctuating at around $200, and the bulls did not have enough power to increase the price and stand on the 20-day Exponential Moving Average.

If LTC/USD can be effectively supported at this level, then the next target will be the key horizontal resistance line of approximately $230. If it can successfully break through this level, it is very likely to hit its recent high of $247.05.

On the downside, if Litecoin falls below the $200 support, the upward trend will disappear. This move may attract more sellers and lower the price to $180.

The MACD index shows that the blue MACD line is downward and is close to the yellow Signal line. This is a signal that forms a short-term bear market crossover, even though both lines are above the zero axes.

The stochastic RSI index has also remained below the midpoint, indicating that the bearish pressure remains. However, from the graph, the blue K-line is reversing upwards. If there is a new buying order, the K-line will pass through the D-line from the bottom up, forming a golden cross. The two lines will move to the midpoint, and the price of LTC will usher in a new round of rising.

Litecoin Expected to Move Towards Its Resistance of $214 as PayPal to Enable Crypto Payments

American digital payment corporation PayPal announced today that all US customers who hold Bitcoin, Ethererum, Litecoin, and Bitcoin Cash in PayPal wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases.

PayPal enabling Litecoin payments will undoubtedly stimulate the further rise of Litecoin. The cryptocurrency is expected to move towards its resistance of $214 and continue its upward momentum.

Litecoin ranks No. 9 in market capitalization, with a market cap of $13,144,005,819 and a 24-hour transaction volume of $ $3,245,012,274.

Litecoin (LTC) Price Analysis

Source: LTC/USD Daily via TradingView

Litecoin (LTC) showed a long green candlestick on March 29, rising by 5.33%. This candlestick runs directly through the Exponential Moving Average ribbon. Following the strong gains on Monday, the bears seem to have begun to take action actively, trying to suppress the price of the 20-day Exponential Moving Average (20-EMA), but they failed. The bulls firmly defended this horizontal support and closed the closing price above the 20-EMA of $191.71.

At the time of writing, LTC is trading at $197.37.

Litecoin is trying to recover to a level above $197.50. The MACD indicator is almost glued at the zero axes, which is a precursor to the formation of a bullish crossover.

The relative strength index indicates that this altcoin has remained more or less near the equilibrium zone of the 50 marks and has not fallen into the oversold zone. The upward trend of the indicator indicates that the current price level is supported by the buyer.

LTC/USD is able to continue the previous upward momentum to a large extent and rise to the upward pressure line of around $214 as shown in the figure. At this resistance line, the bulls may face firm resistance from the bears.

If the price drops from the resistance line, LTC/USD will go to test the 20-EMA and hover there.

However, if the bulls manage to drive the price above the resistance line of $214 successfully, LTC may rally to its previous high of $247.05.