{"id":142151,"date":"2020-08-17T15:00:01","date_gmt":"2020-08-17T14:00:01","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=142151"},"modified":"2020-08-17T09:30:47","modified_gmt":"2020-08-17T08:30:47","slug":"on-chain-network-activity-shows-litecoin-ltc-is-preparing-for-a-breakout","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/on-chain-network-activity-shows-litecoin-ltc-is-preparing-for-a-breakout\/","title":{"rendered":"On-chain network activity shows Litecoin (LTC) is preparing for a breakout"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Activity on the <a href=\"https:\/\/cryptoslate.com\/news\/litecoin\/\">Litecoin<\/a> network is seeing a resurgence amidst a broader bull run in the crypto markets, on-chain data metrics show. The fundamental sentiment is similarly growing, especially as the date for a MimbleWimble implementation draws closer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Franklyn Richards, the founder of the <a href=\"https:\/\/cryptoslate.com\/companies\/litecoin-foundation\/\">Litecoin Foundation<\/a>, said in a tweet that Litecoin\u2019s network activity is continuing to rise as crypto markets prepare to \u201cbreakout.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Litecoin Network Activity Continues to Rise as Markets Prepare to Breakout. <a href=\"https:\/\/twitter.com\/search?q=%24ltc&src=ctag&ref_src=twsrc%5Etfw\">$ltc<\/a><a href=\"https:\/\/t.co\/k3YZ6E5x3z\">https:\/\/t.co\/k3YZ6E5x3z<\/a><\/p>\n<p>&mdash; Litecoin.com (@LitecoinDotCom) <a href=\"https:\/\/twitter.com\/LitecoinDotCom\/status\/1295065314405879820?ref_src=twsrc%5Etfw\">August 16, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><\/h2>\n<p><span style=\"font-weight: 400;\">Richards cited his previous market outlook in May when he stated Litecoin would see an \u201cupper bound\u201d value of $61 and a \u201clower bound\u201d value of $31. The cryptocurrency traded at $46 at the time, and the predictions were made using trend analysis of on-chain data, said Richards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis ratio is roughly 600 Txs: 1 USD with an acceptable error drop off of around +-30 percent. Yes, that is a significant value but in relation to volatility, this would put the current Litecoin upper and lower bounds at $61 and $33 respectively,\u201d he noted at the time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, with prices over $61 and \u201cright under\u201d the three-year-long multi-year and resistance of $65, Richards said he is confident about a \u201csolid breakout to the upside.\u201d Recent market conditions \u2014 which have seen Bitcoin and Ethereum rise by at least 30 percent \u2014 help propel this sentiment, he noted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Richards said the <a href=\"https:\/\/coinmetrics.io\/charts\/#assets=ltc_right=FeeMeanUSD_zoom=1594944000000,1597536000000\">transactions:price<\/a> ratio \u2014 which pegs asset prices based on underlying transactions \u2014 is currently \u201cundervaluing\u201d the network. He noted the daily network transactions had risen from \u201c20,000\/day to 45,000+\/day, a drastic increase which gives us the lower, middle, and upper bounds of $52.5, $75 and $97.5 respectively.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added:<\/span><\/p>\n<blockquote><p><b>\u201cWe have not seen sustained network usage at this level since the beginning of 2018, the main difference being back then price was incredibly over valued according to TX:Price ratio, likely indicating that the network has adequately matured 3 years on to hold these prices.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">However, transactions can be spammed higher, indicating a flawed metric. But as activity on Litecoin has been \u201csustained and growing at a steady rate,\u201d there is no imminent \u201ccause for concern,\u201d said Richards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He ended that Litecoin faces two resistance levels at $81 and $140, and is \u201con track to revisit the triple digits once more,\u201d if current market trends remain.<\/span><\/p>\n<h2><strong>MimbleWimble on track for September launch<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Litecoin\u2019s much-awaited MimbleWimble implementation, which sees an increase in transactional speed, scalability, and privacy, remains on-track for a September 2020 rollout.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As CryptoSlate <\/span><strong><a href=\"https:\/\/cryptoslate.com\/litecoins-new-mimblewimble-update-confirms-september-testnet-launch\/\">reported<\/a><\/strong><span style=\"font-weight: 400;\"> earlier this month, lead developer David Burkett said the team has made several design changes and \u201ccleaned up\u201d the code to build an end product of the highest quality.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Litecoin\u2019s \u201cactive\u201d addresses even moved ahead of Bitcoin SV and Bitcoin Cash, the two controversial Bitcoin forks, this month.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Litecoin?src=hash&ref_src=twsrc%5Etfw\">#Litecoin<\/a> had 92,278 active wallets the past 24 hrs. More than <a href=\"https:\/\/twitter.com\/hashtag\/BCH?src=hash&ref_src=twsrc%5Etfw\">#BCH<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/BSV?src=hash&ref_src=twsrc%5Etfw\">#BSV<\/a> combined (90,446).<\/p>\n<p>&mdash; David Schwartz (aka &#8211; Dasch) (@DaddyCool1991) <a href=\"https:\/\/twitter.com\/DaddyCool1991\/status\/1291344726612942849?ref_src=twsrc%5Etfw\">August 6, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Seems like Litecoin fanatics have multiple reasons to cheer.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Activity on the Litecoin network is seeing a resurgence amidst a broader bull run in the crypto markets, on-chain data metrics show. The fundamental sentiment is similarly growing, especially as the date for a MimbleWimble implementation draws closer. Franklyn Richards, the founder of the Litecoin Foundation, said in a tweet that Litecoin\u2019s network activity is [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":142176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323,6849],"tags":[60950],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>On-chain network activity shows Litecoin (LTC) is preparing for a breakout<\/title>\n<meta name=\"description\" content=\"Activity on the Litecoin network is seeing a resurgence. on-chain data metrics show. 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