While Bitcoin is about to hit new all-time highs, other cryptocurrencies are following suit. Litecoin is no exception, who is preparing to receive MimbleWimble with a totally bullish behavior.
At the time of writing, LTC is trading $ 210, accumulating a 6.3% gain in the last 24 hours.
What is MimbleWimble from Litecoin?
MimbleWimble, a spell named in the Harry Potter saga with which the victim’s tongue gets tangled. Its purpose is to prevent them from talking about topics that should remain secret.
In blockchain it consists of a protocol that precisely seeks to guarantee the anonymity of operations. Avoid exposing information such as issuer or amount of money sent.
It was mainly designed for Bitcoin, but due to the technical characteristics of this network, the implementation was not feasible. However, the development of the protocol continued as an independent initiative that even has its own token, and could soon be running within the Litecoin network.
When will this protocol be implemented on the LTC network?
After several months of testing, the main developer of MimbleWimble ensures that the code that will be implemented in Litecoin will be ready for its final review and formal audit on March 15.
The developer notes that the design has been working flawlessly for three months on the Litecoin testnet so far, and both he and the team are fairly confident that it will be ready by the target date.
Litecoin’s medium-term trend is being resumed
Although LTC has not managed to set new all-time highs like many other participants, it has managed to maintain an excellent performance in recent months. Thanks to this, it has a clear upward trend in the medium term.
During the past 2 weeks the price has been carrying out a corrective process, totally healthy and necessary for the bulls to pick up demand and resume the previous trend.
This week while much of the market has been bullish, Litecoin is showing clear intentions to resume its medium-term trend.
The first target will be resistance at $ 227, the level where the price slowed down to make the correction I discussed earlier. Knowing that we are seeing a resumption of the trend in the medium term, this level should not be a problem to be crossed. For this reason, the next easily achievable target is $ 272.
Below is a graph where you can see the key levels of possible profit taking. However, it is also relevant to note that as we are in a general bull run, where long-term trends were resumed, it is possible that even the previous all-time high is not a major obstacle for the bulls.
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