Litecoin (LTC): Will the New Update Increase Probability of Winning PoW Race?

Altcoins Blockchain Cryptocurrency Litecoin (LTC) News Price Analysis

Litecoin has been improving its prevailing technology for a while. In that context, the blockchain has disclosed an MWEB feature, a functionality to allow participants to complete confidential transactions.

Never Taking Privacy Lite-ly

The October 3 update announcement revealed that the introduced technology would help Litecoin users undertake discrete transactions and enhance Litecoin’s scalability. Furthermore, the development could help the token’s long-term growth. Litecoin has presented a disappointing performance since September.

The token’s volume maintained downsides since the previous week. Santiment’s chart shows Litecoin’s volume hovered at peaks early on the week – at 508 million. Nevertheless, this figure wavered at 308.45 million by October 3, reflecting an approximately 40% drop.

Litecoin’s market capitalization didn’t appear promising either. While writing these lines, this metric stood at around 3.76 million. Moreover, the coin saw its market cap dominance plunging by 8.98% within the past 30 days.

Despite Litecoin’s grim picture, the token has something for investors to watch. The overall address count on the LTC blockchain has seen steady growth within the previous month. Moreover, Glassnode confirmed that addresses recorded some growth. The index climbed to 156 million from 152 million within 30 days, with 4M new wallets joining the platform.

Nevertheless, active wallets on the LTC network did not see similar growth, with the same plummeting by 26% within the last month. LTC’s transaction fee also recorded substantial volatility within the previous month. That might have alienated prospective investors from highly depending on LTC.

About the Bearish Outlook

LTC displayed a relatively bearish outlook upon considering several metrics. Nevertheless, the price noted a slightly positive move as of October 3. While publishing this news, LTC traded at $54.80, gaining 2.7% within the past 24 hours.

Litecoin retained a bearish direction, regardless of some optimistic price actions. The alternative token has lost around 21% since September 13. Moreover, the price wavering at the Bollinger Band’s lower boundary suggested oversold conditions for the alternative coin. Also, the OBV (on-balance volume) maintained a downside trajectory.

Nevertheless, the CMF (Chaikin Money Flow) stood at 0.09, indicating that money flow remained on the buyer side, translating to a brief bullish indicator. Though LTC’s near-term outlook remains bearish, enthusiasts might assess other updates to identify potential long-term activities for the altcoin

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