Litecoin has proven to be one of the most stable cryptocurrencies in the recent chaos and volatility of the past month.
After falling to $ 25 on March 13, Litecoin rebounded significantly and now consolidated just below the resistance level of $ 40.
A breakout above $ 40 would indicate an impending rally of 20% to the upside, with $ 48 becoming a potential target on the upside.
However, with the market appearing to be in a downtrend, another sell-off is more likely that would bring Litecoin back to test the USD 27 support level.
Litecoin is one of the most famous cryptocurrencies that was created in 2013 with a value of less than $ 3.
Like most cryptocurrencies, it has had a tumultuous existence with a series of bull and bear markets taking it to new highs and lows of all time.
The most significant year for Litecoin was 2017 when it rose sensationally from around USD 4 to over USD 415, which means an amazing return of 10,000% within one year.
Since then, Litecoin has struggled to maintain comparable momentum and missed its pursuit of a new all-time high in 2019 as it didn’t break above $ 150.
Several analysts have suggested that Litecoin could surprise many in the next 12 months as it intuitively responds to Bitcoin’s halving event in May, which was historically bullish for all cryptocurrencies.
With block rewards cut in half, miners need to make sure overhead costs are met. This is only possible if the price doubles compared to the price doubled before the halving.
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Recently the show “Magical Crypto Friends”, available on YouTube and featuring Litecoin founder Charlie Lee, discussed the Litecoin Summit 2019.
The show included the most important discussions in the community. From Litecoin as a store of value to new development updates.
Lee confirmed that the project was also working on improving data protection. The Litecoin development team is working with the Mimblewimble protocol, specifically the developers behind Grim, to possibly add the privacy protocol as an extension block.
According to Lee, this would work like this: “We’re working with the Grim ++ developers to add an implementation of Mimblewimble. It adds an expansion block to the main Litecoin chain. You can conduct transactions between chains for added privacy. “
The goal would be to provide Litecoin users with improved data protection features during transactions.
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It’s 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 one of the top 10 cryptocurrencies by market capitalization.
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