Litecoin Price Analysis: LTC/USD Sees Big Double-Digit Gains as Litecoin Foundation Moves Closer to Privacy Ambitions

  • The Litecoin price on Friday is holding chunky gains of 14% in the session, jumping to the highest level in almost 4 weeks.
  • The Litecoin Foundation announced a partnership with Beam Privacy, taking positive steps towards privacy transaction goals.

The Litecoin price was seen holding some big gains on Friday, having jumped double-digits. LTC/USD at the time of writing, up 12%, trading at its highest levels since 10th January. Bulls pushing to the highs of the year, where a supply zone can be eyed. This can be observed tracking from $39.70 up to $42.25.

LTC/USD has been moving within a range-block formation, seen via the daily chart view. The price was very much confined within this structure since 10th January. It has been narrowing greatly as the days passed. It wasn’t until Friday that saw the bulls managed to force a breakout. The buying pressure intensified, as the upper resistance was breached, given the length of time Litecoin was stuck within this formation.

Litecoin Partnership Announcement with Beam Privacy

Litecoin has made a huge step towards its goal of implementing privacy transactions. The foundation and Beam Privacy announced a new partnership that will see both organizations implement the Mimblewimble protocol. This will facilitate extension blocks into the Litecoin blockchain and will support the converting of Litecoin into Mimblewimble and vice versa.

This announcement followed recent comments by Litecoin founder Charlie Lee. As covered by Hacked, Lee noted: “so, having something like confidential transactions will get us closer to good privacy and good fungibility, and that is something that I am currently thinking about exploring for Litecoin.”

Beam confirmed its intent to work with the Litecoin Foundation in this newly announced partnership. In a blog post, the company said: “One of Beam’s goals is to advance privacy in cryptocurrency space and promote Mimblewimble protocol, and we are glad to provide Litecoin Foundation with our help and expertise.”

Furthermore, they detailed both the development teams have already begun working, on this project. “We have started exploration towards adding privacy and fungibility to Litecoin. By allowing on-chain conversion of regular LTC, into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”

Technical Review – LTC/USD

LTC/USD daily chart.

Should the bulls manage to break down the earlier mentioned area of supply and January highs, another wave of buying pressure will likely be seen. Further to the north, eyes will be on the big psychological $50 price territory. LTC/USD has not been up at these heights since 14th November 2018.

In terms of to the downside, support can be seen around the psychological $30 mark. This is the lower part of a daily range-block formation, which the bulls previously escaped from.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.

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