Litecoin [LTC][1]’s MimbleWimble Extension Blocks (MWEB)[2] upgrade has been trailed by a series of unfortunate events over the last few weeks. As a result of the facilitation of anonymous transactions on cryptocurrency exchanges, the MWEB upgrade led several exchanges to delist[3] LTC.
For example, three weeks ago, five cryptocurrency exchanges in South Korea, namely, Upbit, Bithumb, Coinone, Korbit, and Gopax, delisted LTC. They all claimed that anonymous transactions implemented via the MWEB upgrade were against the country’s laws. In addition, Binance[4] also withdrew its support for deposits and withdrawals of LTC coins that utilized the MWEB function. All of these contributed to the price of the crypto falling.
Curiously, over the last seven days, LTC has risen on the charts. The coin surged above its $58-resistance level during intraday trading on 26 June and went as high as $60. In fact, it has seen a 15% uptick in price in one week.
Onwards and upwards
After several weeks of price decline, LTC is finally poised for the much-awaited bull cycle. Seven days ago, Litecoin was worth $52.5. After that, the price rallied steadily and parked at an index of $57.88 at the time of writing.
Currently ranked 20th on CoinMarketCap’s[5] list of cryptocurrencies, LTC’s market cap saw some growth over the past week. It was $4.086 billion at press time, after having hiked by 9% from $3.7 billion seven days ago.
Source: Santiment
Since 20 June, a steady accumulation of LTC has been underway. As a result, the Relative Strength Index (RSI) has taken on an upward curve over the last week.
At press time, it stood at 51.45. With the MACD green since 18 June and following an upward intersection of the MACD
