LTC/USD remains inside the Ichimoku cloud and is struggling for a close above 200-day MA. The recent news about the addition of confidential transactions feature to Litecoin has failed to generate any spectacular interest from the traders.

It is currently trading at 3.82 levels (BTC-e).

Ichimoku analysis of daily chart:

Tenkan Sen: 3.87

Kijun Sen: 3.88

Trend reversal: 3.89 (90 EMA)

The must break above 3.84 levels (200-day MA) for further upside. A consistent break above this level would see the pair testing 3.89 (90 EMA)/4.05 levels (September 08 high).

On the flip side, a break below 3.75 would confirm bearishness in the pair and would target 3.50 (psychological level)/ 3.22 (August 02 low).

Litecoin creator Charlie Lee today explained his reasons for confidential transactions feature on Reddit.

“I've been thinking about adding anonymous transactions to Litecoin for quite some time”, Lee wrote. “The main reason is fungibility. It's the one thing lacking in Bitcoin to keep it from being the perfect form of money.”