December 6, 2022

Confidential Litecoin Coming Soon Following Incognito’s New Integration

2 min read

A new integration is set to enable token holders to negotiate with Litecoin anonymously. In spite of the significance of the news, LTC looks bound for a steep decline before any continued uptrend.

Litecoin to Enjoy Privacy Features

While crypto enthusiasts wait for the final code for Litecoin’s MimbleWimble protocol this quarter, others are trying to find different methods to bring financial personal privacy to the network.

The Incognito neighborhood revealed that it would contribute to LTC’s fungibility by providing a new method to transact on the blockchain anonymously. Users will be given a new bridge to send out and receive the token at a one-to-one rate within the Incognito wallet.

The relocation will provide privacy features to prevent third-party monitoring.

“When you send LTC to your Incognito wallet with the brand-new bridge, you get pLTC. All tokens can be swapped back to standard LTC at any time. Your pLTC will be burned, and basic LTC will be launched to your wallet,” & rdquo; reads Incognito’s announcement.

Provided the increasing policy around cryptocurrencies, there has actually been a spike in need for censorship-resistant payment services. By making it possible for privacy functions within the Litecoin protocol, this cryptocurrency could benefit as Monero has since 2020.

Steep Correction on the Horizon

Despite the significance of the recent advancements around Litecoin, LTC’s cost seems to have broken out of a rising triangle in a downward direction.

The consolidation period that began on Jan. 11 led to the development of this technical pattern. The LTC price made a series of higher lows while the $149 resistance barrier rejected any upward pressure.

The current spike in the sell orders behind Litecoin enabled it to break below the triangle’s hypotenuse. This cryptocurrency now runs the risk of visiting almost 22% towards the $114 support level.

This target is identified by determining the distance between the triangle’s two acmes and including it to the breakout point.

Litecoin US dollar price chart
LTC/USD on TradingView Due to the high levels of volatility in the cryptocurrency market, the bullish outlook can not be ignored.

If Litecoin can gain back the $149 resistance as support, the bearish thesis will be threatened.

Moving past this resistance barrier might set off FOMO amongst market participants pressing costs to $190 or greater.

Disclosure: At the time of press, the author held Ethereum and Bitcoin.