Assessing if Litecoin [LTC] is targeting $50 as its next stop

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice A recent report highlighted that the daily transaction count on the Litecoin network has been pretty much the same as three months ago, standing at just over 100k. Similarly, the active address count has also.

Timeline of Litecoin

Ahead of the all-important the MimbleWimble (MWEB) update, the whales appear to be steadily eyeing Litecoin. The upgrade will allow transactions with the new MWEB privacy features.

Litecoin price analysis for today indicates that the crypto pair has found support at $65.56 and currently trading at $70.29. The market is expecting a breakout from the ascending triangle pattern formation.

Litecoin price analysis indicates the market is facing a slight sell-off and prices have pulled back to the $66.24 after the market closed in a bearish manner on the previous day. The Litecoin market had a good start to the year as it surged higher and reached the $116.0 level in mid-April.

Although it's not a frontrunner in the market, Litecoin is known for being ever-present at all times. Its significance is drawn from its minimal yet expansive use cases that keep it relevant.

The Litecoin price analysis reveals the price is on the increasing side once again as the bulls made a comeback today. The bears had been at the upper position during the last week by winning successively.

Litecoin price analysis shows an uptrend adopted in LTC after a period of bearish run that has been witnessed across the market in the past week. The Litecoin bulls defended the $50.0 support level and pushed prices higher to retest the $70.0 resistance level.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Earlier this week, the MimbleWimble upgrade was announced for Litecoin and the price had zero bullish reaction to this news. This is actually a common feature of bearish markets, where fear moves the price and

Litecoin price analysis shows that the bears have bled out more than 25 percent of the asset's price action and the sell-off shows no sign of stopping anytime soon. The overall digital assets are in a severe blood bath as most of the altcoins are declining alongside the major coins Bitcoin and Ethereum.

Litecoin suffered a major blow to its price action in the last five days courtesy of a massive FUD-induced sell-off. It dropped as low as $74 for the first time since December 2020, but the dip provided a nice discount for those looking to ride the recovery wave.

Litecoin price analysis shows a bearish trend for LTC prices after bearish pressure sent prices below the $85.43 support level. The LTC/USD pair is now trading at $85.22 and is facing strong resistance at the $85.58 level.