If you’ve been watching the cryptocurrency markets over the past few days, you’ve probably noticed a depressing pattern emerging across all major cryptocurrencies, from Bitcoin and Ethereum to Cardano, XRP, and even Solana. But amidst this grim scene, one noteworthy sign stands out.
Litecoin Update
Litecoin is swimming in green in a sea of red. The altcoin is up more than 8% in the last 24 hours and is currently worth $105.
But this outstanding performance is no exception. Two days ago, the Commodity Futures Trading Commission classified Ethereum (ETH) and Litecoin (LTC) as commodities amid a legal battle with KuCoin. This is a big problem because it is Litecoin’s badge of honor.
Additionally, Coinbase Institutional rolled out the red carpet for Litecoin Futures on its platform. Talk about boosting investor confidence! But Litecoin developers have also been busy. They just released their latest update, Core v0.21.3.
This update aims to make Litecoin more seamless by adopting MWEB, which stands for MimbleWimble Extension Block. These blocks are like a magic cloak for transactions, providing an additional layer of privacy and further making Litecoin more scalable and fungible.
This update also adds several technical benefits to LIP006 and its server components, making it easier to run full nodes. All you need is a computer with at least 160GB of free space to operate 24 hours a day.
LTC Price Analysis
The market was watching, and the price of Litecoin did a small victory dance on March 29, breaking out of the breathtaking overhead triangle pattern that had persisted for the past two years.
This breakout signals a major change in market dynamics and sentiment. Even when the market started to decline, Litecoin remained strong, bouncing off the $78 support level with a solid 7% gain in one day.
Interestingly, IntoTheBlock has obtained some data that highlights on-chain resistance levels for Litecoin’s upcoming $150 mark. This level is like a boss battle for Litecoin, with about 8.16 million LTC held in 590,000 addresses.
These holders bought at that level and have suffered losses since December 2021. Will we then reach the $150 level again? It would be interesting to consider the potential selling frenzy of people trying to break even.