- Litecoin launches a new privacy wallet with MimbleWimble Extension Blocks (MWEB) integration, enhancing user security and anonymity.
- Transaction volume surges to 122.64 million, the highest level since June 2023, signaling renewed network activity.
- Hash Rate approaches 3.5 Petahash/s, strengthening network security and miner confidence.
- LTC price breaks above a falling wedge pattern, hinting at bullish continuation if key support levels hold.
- Key resistance at $134.29, while downside risk lies near the 100-day EMA at $106.74.
Litecoin Sets Privacy in Motion with New Wallet
The Litecoin Foundation, in collaboration with AmericanFortress, has announced the launch of a privacy-focused wallet set to debut this September. The new Litecoin-native (LIT) wallet integrates MimbleWimble Extension Blocks (MWEB), FortressNames, and c-filtering, aiming to deliver both intuitive user experience and bulletproof privacy.
This development positions Litecoin (LTC) as one of the few large-cap cryptocurrencies with privacy features at the protocol level, making privacy a default feature for all users. The move addresses ongoing concerns in the crypto community about transaction traceability and user security.
Also Read: Litecoin Climbs Past Resistance as Whales Fuel Push Toward $107
Litecoin Network Sees a Surge in Activity
On-chain data reveals impressive growth in Litecoin’s usage. According to Santiment, daily transactions jumped from 105.12 million to 122.67 million in just 24 hours—the highest level since June 2023.
Additionally, Litecoin’s Hash Rate is closing in on 3.5 Petahash/s, setting fresh record highs. This indicates stronger network security and growing miner confidence, reinforcing a bullish narrative for LTC.
Litecoin Price Forecast: Wedge Breakout Could Fuel Rally
Litecoin recently broke above a falling wedge pattern, a bullish technical signal suggesting potential upside. While LTC slipped slightly on Monday (-1.87%) and continues to consolidate around $111.90, the breakout still favors the bulls.
Also Read: Litecoin Price Hits $135 Resistance Again as Correction Risks Loom
If LTC finds support along the wedge’s upper boundary and rebounds, the next target lies at $134.29—the August 14 high.
- RSI Outlook: Currently slipping below 50, showing mild bearish pressure. Bulls need RSI above 50 for momentum to resume.
- MACD Signal: Nearing a bullish crossover, which could confirm renewed upward movement.
- Support Levels: Immediate support lies at $106.74 (100-day EMA). A drop below this could invalidate the bullish breakout.
Litecoin’s combination of strong fundamentals (new wallet, record Hash Rate, surging transactions) and favorable technical setup suggests that bulls may soon regain momentum. While short-term corrections remain possible, LTC’s long-term growth looks supported by network upgrades and increased adoption.
For investors and traders, keeping an eye on $106.74 (support) and $134.29 (resistance) will be key in assessing the next major move.