Following the 5% drop during the last week of December 2019, Litecoin (LTC) remains at about $41. LTC struggles to catch up since its massive drop made in late November.
Litecoincurrently trades below a key resistance level around $55 to $57 with a volume sitting near $2.7 billion. This was 33% lower than last week.
Upon recovery, the currency might face resistance between the 300-day to 20-day EMAs. Price action predicts it to go around $50 to $60.
LTC faced exponential growth earlier last year, performing as the best performing digital asset of 2019. The altcoin peaked at around $145 with a 170% growth made in less than 90 days.
These days, however, the slump in November makes investors wonder if it could even make it past $50.
For now, every LTC EMAs cross the downside, with price action sloping down since last summer. This was with the exemption of the November pump.
Charlie Lee, a former Google employee, released Litecoin in October 2011 as a fork of Bitcoin with slower block generation. The protocol increased the maximum number of coins, implementing a different script-based algorithm.
It remains one of the top 10 cryptocurrencies by market capitalization.
The Magical Crypto Friends, now available on YouTube, features Litecoin founder Lee and the most prominent discussions in the industry. The currency acts as a store of value to new development.
There, Lee discussed that an average person should have Bitcoin at least 10 percent of their wealth. They also discussed the Litecoin Summit 2019.
The project was working on privacy improvements like the Mimblewimble protocol. The developers behind Grim will likely add it as an extension block to the currency’s main chain.
Mimblewimble could transact between chains to enhance privacy. Specifically, these improvements could provide better features when negotiating.
improvements could provide better features when negotiating.
The term “mimblewimble” comes from the tongue-tying curse in Harry Potter that binds one’s tongue to keep them from talking.
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