Put up MWEB Litecoin [LTC] is climbing, regardless of this main setback

Post MWEB Litecoin [LTC] is climbing, despite this major setback

Litecoin [LTC]’s MimbleWimble Extension Blocks (MWEB) upgrade has been accompanied by a series of unfortunate events over the last few weeks. As a result of facilitating anonymous transactions on cryptocurrency exchanges, the MWEB upgrade resulted in multiple exchanges delist LTC.

For example, five cryptocurrency exchanges in South Korea, namely Upbit, Bithumb, Coinone, Korbit and Gopax, delisted LTC three weeks ago. They all claimed that anonymous transactions made through the MWEB upgrade were against the laws of the country. Additionally, binance has also withdrawn its support for deposits and withdrawals of LTC coins that have used the MWEB feature. All of this contributed to the price of the crypto falling.

Curiously, LTC has climbed the charts over the past seven days. The coin surged above its $58 resistance level during intraday trading on June 26 and surged as high as $60. In fact, the price has increased by 15% in a week.

Further and up

After several weeks of falling in price, LTC is finally ready for the long-awaited bull cycle. Litecoin was worth $52.5 seven days ago. After that, the price steadily recovered and was parked at an index of $57.88 at the time of writing.

The market cap of LTC, which currently ranks 20th on CoinMarketCap’s cryptocurrency list, has seen some growth over the past week. At press time, it was $4.086 billion, having risen 9% from $3.7 billion seven days ago.

Source: Santiment

A steady accumulation of LTC has been underway since June 20th. As a result, the Relative Strength Index (RSI) has taken an upward curve over the past week.

At press time it was 51.45. Since the MACD has been green since June 18th and after an upward intersection of the MACD line with the trend line, LTC started something of a rally on the charts.

Source: TradingView

On-Chain Analysis

Interestingly, data from feeling revealed that LTC has posted some declines despite a price increase. For example, after 1,237 whale transactions were flagged for transactions over $100,000 on June 23, that number fell by 75% in the four days that followed.

Likewise, the count of transactions over $1 million has been erratic over the past seven days. A high of 76 was ticked on June 25, after which it declined. At press time, this was set at 19.

Source: Santiment

Additionally, since June 22, the number of unique addresses that settle LTC daily has steadily decreased. With a figure of 85.1k at press time, it was down 236% in just five days.

Source: Santiment

In addition, the transaction volume in the network grew steadily from June 20th to June 24th. However, after the coin peaked at 47.66 million transaction volume on June 24, it fell 66%.

Source: Santiment