- A Break Above $40 to Signal Rally to $48
- Litecoin price is currently trading in negative territory
- Litecoin foundation is working on privacy improvements
Litecoin news today – Litecoin was one of the most stable digital currencies during the recent market downturn. After falling to $25 on March 13, the LTC price bounced back to the $40 level which is a resistance. Any break above this resistance area would force a fresh 20% rally to $48. However, the market is currently in a downtrend the more likely outcome will be another sell-off which could take Litecoin price to the $27 support level. Litecoin price has endured a turbulent existence. It has been through a series of bull and bear seasons taking its price to new highs and lows over the years.
2017 Was the Best Year for LTC
The best year for Litecoin was 2017. At the time LTC sensationally reached $415, posting 10,000% returns in one year. Since then onwards Litecoin has fought hard to sustain a similar amount of momentum. The coin has fallen short regarding posting a new all-time high. Some analysts have suggested that the price of Litecoin could take the community by surprise in the coming 12 months as we expect it to react intuitively to Bitcoin’s halving set for May this year. This will positively help the market because as block rewards are halved miners must make sure the overheads are met. This can only be achieved if the price of BTC doubles before the halving event.
Litecoin Foundation is Working on Privacy improvements
Recently, the “Magical Crypto Friends” a show on YouTube that features Litecoin’s Charlie Lee, discussed the Litecoin Summit of 2019. This episode of the show covered the important issues affecting the community. From Litecoin’s position as a store of value to suggestions regarding new development upgrades. Lee confirmed that Litecoin is working on privacy improvements. Litecoin’s development team is reportedly working with Mimblewimble, the developers behind Grim, to add privacy as an extension block. Lee said:
“We are working with Grim developers to add the Mimblewimble protocol.” This will add an extension block to Litecoin’s main-chain. Users can transact between both chains with enhanced privacy. The objective of this project would be to give LTC users improved privacy when conducting transactions.
Litecoin (LTC) Price Today – LTC / USD
In other reports, Litecoin’s price is expected to trade higher if the $40 mark is broken. The Litecoin price is reportedly trading in negative territory having dropped by 4.15% the day earlier. The LTC/USD pair has offered very little regarding its next price action since March 13. Considering the narrow conditions, we can expect a big breakout for Litecoin in the coming weeks.