LTCUSD (Litecoin) – Week 32 – Slow start
Litecoin’s MimbleWimble Extension Blocks (MWEB) upgrade, which has been under development for almost two years, reportedly saw some major code changes recently. In an announcement yesterday, MW developer David Burkett outlined the upgrades implemented to the code, several of which were only partially complete. Through the implementation of MWEB, the network is expected to see increased fungibility, something that is lacking in other blockchains such as Bitcoin. According to the said announcement, the network is now shifting to the “much-faster” Blake 3 for all MWEB hashes. Blake 3 is a relatively newer crypto hash function that is reportedly 10 times faster than SHA-2.
From a technical perspective, Litecoin is making what is seems to be an ascending channel. For this pair we give a higher probability for a move to the upside after this consolidation is over. We advise caution, the price could fall to $135 or reach the small support area before continuing to the upside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
From a technical perspective, Litecoin is making what is seems to be an ascending channel. For this pair we give a higher probability for a move to the upside after this consolidation is over. We advise caution, the price could fall to $135 or reach the small support area before continuing to the upside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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