- The RSI indicates that investors aren’t too excited about the financial markets.
- The MimbleWimble update would improve the user experience.
Litecoin announced on May 3 that its significant upgrade, MimbleWimble (MWEB), has been locked in for activation after years of work and an initial announcement in February of this year. David Burkett, the project’s lead developer, said that the update would be done in two weeks. It is envisaged that the MimbleWimble update would improve the user experience by giving Litecoin Network users the ability to conduct private transactions.
Not Much Effect on LTC Price
This upgrade can be considered good news for LTC after a 22 percent drop in the last month and a 70 percent drop in the last year. MimbleWimble’s announcement of an upgrade to LTC appears to have had no effect on the LTC price at the time of announcement. As of May 5, the currency had reached a high of $106 before retracing down to its pre-announcement price of $100. The currency’s value has dropped by 2% in the past day and is now trading at $88.03.
The RSI indicates that investors aren’t too excited about the financial markets. Since the announcement, RSI has been below neutral territory of 50 and has been creeping closer to oversold territory. Investors seem to be taking profits despite the increase in the company’s outlook.
After the upgrade, the 50-period moving average (EMA) was still above the price, indicating that the market was still favorable. LTC’s on-chain study of a few variables suggested that the currency had some growth, despite the lack of significant price movement. The coin’s trading volume increased by 41 percent in the 24 hours after the update’s announcement. There has been an upsurge in trade after the announcement despite little or no influence on the currency’s price.
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