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LTC Litecoin price correction, MWEB address hits record high
In early September, Litecoin (Litecoin) experienced a correction in the price after experiencing a sharp rise, and the market fell into volatility again. The decline came amid a surge in activity related to its MimbleWimble Extended Block (MWEB). MWEB is a privacy-oriented upgrade designed to enhance the confidentiality and scalability of Litecoin blockchain transactions.
MWEB addresses hit all-time high
The latest data shows that the number of Litecoin MWEB addresses has reached a record high. The Litecoin team updated the progress on social media, with a caption stating: "Another day, another all-time high for Litecoin MWEB addresses. Start using it now!" As of the announcement, the MWEB balance was 563,117 LTC units, with a value of approximately US$29.48 million based on the current market price.
The continued popularity of MWEB adoption demonstrates the growing community's interest in Litecoin's improved privacy protection and scalability features. Analysts pointed out that although asset prices fluctuate in the short term, such on-chain trends are expected to consolidate the foundation of the underlying network.
Litecoin is a well-known cryptocurrency known for its fast, low-fee transactions. As one of the earliest alternative currencies to Bitcoin, it is often called "digital silver" to correspond to "digital gold" Bitcoin.
Mini Dictionary: MimbleWimble Extended Block (MWEB)
MWEB is an upgrade to the Litecoin blockchain that enables more private and scalable transactions by employing confidential transactions and extended block technology. This allows users to send LTC without revealing the transaction amount or address.
Price Trend and Key Support Areas
In the latest monitoring, Litecoin traded at approximately US$52.58, down 1.17% in the past 24 hours. Despite the correction, LTC prices remained significantly higher than the $44 - 45 range that dominated trading in August. In early September, Litecoin broke through the US$49.32 mark, then soared to the US$55 - 56 region, briefly exceeded US$58, and then fell back.
US$49.32 has become an important support threshold. Analysts have observed that if prices remain above this benchmark, it may help maintain Litecoin's bullish momentum; conversely, if prices fall below this level, asset prices may drift towards the support area of $44.86.
Technical Indicator Analysis
Multiple momentum indicators show a positive outlook for Litecoin. The MACD indicator remains above the zero axis, with the MACD line value of 1.72, the signal line value of 1.57, and the histogram value of 0.15. Although the upward momentum has slowed, these data suggest that bullish momentum may persist if support is maintained.
Derivatives activity and trading volume
Litecoin futures open interest (OI) increased as prices rose, indicating increased interest in trading. CoinGlass data showed that OI fluctuated between $300 million and $350 million for most of July and August. As the rally picked up in late August and early September, OI climbed to nearly $400 million and briefly exceeded that figure on September 7.
As of September 10, OI stabilized at approximately US$390 million, still significantly above earlier levels. An increase in open interest and increased spot activity suggest higher participation among derivatives traders, although the slight decline after the peak in gains may reflect some profit-taking as prices lose momentum.
Trading volumes also reflect these trends. According to CoinGlass, daily trading volume surged to between $650 million and $680 million in the first week of September as Litecoin rose. Although trading volume decreased as prices fell, it was still higher than previous trading days.
Outlook
Analysts and traders are closely watching the support level of $49.32. A break through the US$55 - 56 range may trigger bullish momentum in Litecoin prices again.
