LTC/USD testing critical $70 zone to the downside

Fibo Quantum

  • Litecoin is trading down some 5.5% on Wednesday in the second half of the session.
  • LTC/USD bears are penetrating a key near-term demand zone seen at $70. 

 

The founder of Litecoin (LTC), Charlie Lee, recently provided an update with regards to the implementation of MimbleWimble on the Litecoin network. The design is at present being worked on, as per his recent tweets:

 

Updates on MimbleWimble progress: davidburkett38, the main developer of Grin++, is now working with ecurrencyhodler and I on the design. We’ve been ironing out the mechanism of getting LTC in and out of MW/EB. Also figured out how to handle MW fees in a clean way. Asparagus!

 

In terms of the technical picture, price action is testing a critical area of demand to the downside, which is seen at the $70 region. A failure to hold could send the price free-falling down to the psychological $50 territory. 

 

LTC/USD daily chart

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