Litecoin's (LTC) Daily Active Addresses Hint of a Bullish Divergence

John P. Njui • LITECOIN (LTC) NEWS • September 8, 2020

Quick take:

Litecoin is exhibiting a bullish divergence between daily active addresses and price
LTC is showing a 3 month high in terms of address activity vs its current price
Litecoin’s MimbleWimble protocol is due for launch on its testnet this month
LTC could be gearing up for a push up due to the impact of Confidential transactions on the crypto-verse

The crypto markets are in a state of relative calm after what looked like a never-ending week of losses. The month of September kicked off with Litecoin comfortable trading above $60 before a downward spiral that saw LTC test the $45 support zone on several occasions.

Litecoin’s Daily Active Addresses Hint of A Bullish Divergence

Despite the market turmoil, activity on the Litecoin network has continued to be considerably high. According to the team at Santiment, Litecoin is showing a 3 month high in address activity divergence when compared to its current price level at around $48. The team at Santiment shared this observation via the following tweet.

Litecoin’s Fundamentals Remain Strong

Litecoin’s high network activity was also captured by David Schwartz who is Litecoin Foundation’s Project Director. In a recent tweet, Mr. Schwartz explained that Litecoin’s fundamentals are currently very strong using the following stats.

Has the price drop affected #LTC‘s fundamentals?

Nope.

280 Thash/S

83k active wallets

40k trx

$50.58 median trx value

$7.8 mln sent per hour

All in the past 24 hrs

Its a currency, folks. People use it to pay for things.

MimbleWimble to Soon Launch on Litecoin’s Testnet

Additionally, David Burkett provided his monthly MimbleWimble update in which he stated that everything was on track for a testnet launch this month.

Everything is on track for a testnet release at the end of this month. I’m still figuring out a few final details, but I’ll share more information later this month about what the testnet will look like, and how everyone can get involved.

Conclusion

Summing it up, Litecoin’s network activity is currently exhibiting a bullish divergence with its price. Such a divergence could be foreshadowing a move up by LTC in the crypto markets. With the MimbleWimble protocol about to be launched on testnet, Litecoin could be gearing up for a brief rally due to the positive impact of confidential transactions on the LTC network.

As with all analyses of Litecoin, traders and investors are advised to use adequate stop losses and low leverage when trading LTC on the various derivatives platforms.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Another $10 Billion Back into Crypto

From a low of $243 billion yesterday crypto market capitalization has pumped to a high of $254 billion before stabilizing at around $250 billion where things currently sit. Daily volume has surpassed $80 billion once again which is extremely bullish. May has seen some of the highest volumes on record and they have been maintained which has kept markets buoyant.

Bitcoin has made it back over $8k one again, hitting an intraday high of $8,140 according to Coinmarketcap.com. The bullish sentiment has resulted in a further 2 percent gain from Bitcoin which has yet to have any real pullback in this current rally. After spending the majority of April at around $5,300 BTC has found a new resistance zone around $8,000. Its market dominance is currently 56.6 percent and the altcoins are leading the digital race today.

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Litecoin Ignited in 20% Pump

Litecoin is one of the top performing altcoins at the time of writing. It has surged from $88 to $104 over the past day and reached its highest level for almost a year. There is massive resistance at $100 which LTC has already hit last week. A move above it could send the ‘silver of crypto’ surging in a parabolic pump mirroring that of December 2017. LTC has trounced EOS to take fifth spot with a market cap now exceeding $6.4 billion.

The halving event in 73 days is likely to be driving early momentum for LTC which is bound to trade a lot higher as August approaches. Coin scarcity and increased demand could push prices back to their all-time highs of $370.

Binance Coin is also trading well and has just made a new all-time high at $34. A 7 percent surge on the day has been the result of the world’s top exchange announcing margin trading features. Though it can’t catch Litecoin at the moment, EOS has made 8 percent and is up to $6.50 at the time of writing.

The momentum for crypto markets is holding and May is shaping up to be another month of solid gains. Crypto market cap has doubled since the beginning of the year indicating that things have finally lifted off the bottom and the bulls are running the show now.

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