Litecoin [LTC]: Few hours till MWEB upgrade; here’s what investors should know
“Wen MimbleWimble [MWEB] update?”, you ask. Well, according to Charlie Lee, Managing Director of the Litecoin Foundation, the MWEB upgrade is estimated to activate on 19 May at 8:30 p.m. (5/20 3:30 a.m. UTC).
With the promise to enhance the user experience by providing users the option to make confidential transactions on the Litecoin network, here is what you should know about the performance of the LTC token so far.
On 3 May, the Lite Foundation made an announcement confirming that the MWEB update was locked in for activation. However, the LTC token surprisingly plummeted and stood at $71.18 at the time of writing. The LTC token that stood at $101 on 3 May, recorded a 30% decline and was 82% away from its ATH of $412.96.
Source: CoinMarketCap
Similarly, within the same period, the market capitalization for the LTC token took a 29% beating. Standing at $7.05 billion on 3 May when confirmation was made, the decline put the market cap at $5 billion at press time.
Source: CoinMarketCap
Positioned below the 50 neutral region at the time of press, the bulls attempted to push the RSI into the overbought region on 4 May following the announcement.
However, the bears have since had an upper hand and forced the RSI in a downward direction. At the time of writing, the RSI stood around the 36 region, approaching the oversold position.
Already in the oversold position, the MFI stood at 22 at the time of press. Despite the MWEB being just a few hours away, investors appeared to be distributing the token.
Source: TradingView
Data from the chain also suggested that the LTC token recorded significant strides in some respects and made no traction worthy of note in others.
The index for the development activity showed that the LTC token made
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