Litecoin (LTC) has announced that it has launched its anticipated MimbleWimble (MWEB) upgrade on May 19, after years of development.
However, Litecoin claimed that after the upgrade, which ended at the block level of two million, privacy would be guaranteed to its users once the upgrades on the Litecoin network were completed.
Besides, as it is customary for local tokens to hardly react positively to news of upgrades on networks, the positive move of LTC has become even more difficult in the face of the long-awaited upgrade due to the volatility experienced in the cryptocurrency markets in the last few weeks.
However, while the price of the cryptocurrency was at low levels before the upgrade, it is stated that it is in a recovery in the two-day period after the completion of the long-awaited MWEB upgrade.
After a 83.23% drop from Litecoin's $412.96 ATH, the MWEB upgrade is good news for investors holding LTC tokens, and the cryptocurrency is poised to recover.
In addition, experts predict that the cryptocurrency may enter a bullish momentum when they examine the LTC charts. Analysts also state that the MACD line and the trend line cross upwards as an indicator of increasing selling pressure, and this is usually a harbinger of a bullish run.
On the other hand, it was claimed that on May 19, LTC daily transactions entered a downward trend and the number of daily active addresses of 109,000 decreased by more than 65% in the last two days.
In addition, expert analysts said the following about the activity of whales in the specified period:
“LTC token saw a drastic drop of 91% for transactions over $1 million. While there were 62 whale transactions on May 19, this number has decreased to only five as of today's date. To deduce from this situation, it seems that investors are no longer hoarding LTC tokens.”