Litecoin looking to implement MimbleWimble

The Litecoin Foundation recently announced they are exploring a cooperation with Beam. The partnership could result in the implementation of the MimbleWimble protocol. This means, theoretically, users could change their existing, regular Litecoins into MimbleWimble variants, which would bring increased privacy and almost complete anonymity. The news spurred a huge climb for Litecoin, and the move may have legs, assuming the collaboration bears fruit.

Litecoin (LTC/USD) Price Prediction

The massive bull rally took the pair above $40 key resistance and stopped at $47 which is a level that has been support in the past, now successfully turned into resistance. It looks like the buyers will pause here as some of them are banking profits to limit risk, so we will likely see a period of sideways movement before price can travel to $50 psychological resistance and $56 technical level.

The medium-term outlook is bullish as long as the pair remains above the bullish trend line seen on the chart or even better, above $40 support. Additionally, the SEC news is another positive catalyst for this token as LTC, due to its top 3 status, can easily be lumped into any ETF containing BTC or ETH. I expect to see this token retest $56 at least, over the next 6 months.

Support zone: $40 and the bullish trend line
Resistance zone: $47, $50 and $56
Most likely scenario: minor pullback followed by break of resistance and move into $50
Alternate scenario: extended period of ranging movement with a bearish bias