Altcoins

Litecoin May Soon Wake Up With Magnificient Upswing, These Catalyst May Fuel The LTC Price Rally!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 21, 2022

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Highlights

    Litecoin price reaches the lower levels of the consolidation that has weekend the rally to a large extent

    Conversely, a ray of hope still shines as the platform is all set to roll out multiple upgrades that could induce some bullish momentum ahead

Litecoin which once trended within the top 10 cryptocurrency list has slid beyond the top 20, mainly due to the reduced network activity and trader’s interest. Recently Litecoin completed 10 glorious years in the crypto space and the founder shared his decade of experience in a series of tweets. However, the development activity on Litecoin appeared to be pretty slow and hence may just jumped-off to other assets, despite LTC being one of the most primitive assets. 

However, in a recent upgrade, the possibility of the LTC price gaining a significant bullish momentum emerges as the network is all set to roll out multiple upgrades.  Litecoin is set to receive two major upgrades in the coming weeks, Taproot and MWEB. As a result, litecoin may have an optional privacy feature that allows traders to hide the details of the transaction. 

This may turn the tables for Litecoin as it may offer this feature as optional. And hence the chances of facing delisting issues like other privacy coins may also be fewer. Other than this, Litecoin is all set to work on Smart contracts, NFTs store of value(Omnilite Upgrade), and brand recognition. 

Litecoin (LTC) Price Analysis

  • Litecoin price appears to have approached the apex of the consolidation which is woefully heading towards the south
  • Each time the asset slipped below $100, flipped royally but failed to range close to $150 since the beginning of the year 2022
  • The RSI is ranging toward the north implying a strong bullish structure being built which is supported by MACD which is on the verge to let out a buy signal
  • Despite swinging within a descending triangle, the price also displays a possibility of a breakout and hence if done, Litecoin(LTC) price may soon regain its glory soon

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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