Litecoin hits a three-year high as the launch of Litecoin ETP nears – Explica .co

E-mail

UK-based ETC Group launched its third product, a publicly traded Litecoin product known as “ETC Group Physical Litecoin ETC”.

The ETC Group announced on Monday that this publicly traded product (ETP) will be listed on the Deutsche Börse Xetra market in Frankfurt on April 14 and will be traded under the ticker “ELTC”.

The new product “ETC Group Physical Litecoin ETC” will track the price of the cryptocurrency Litecoin and provide institutional investors with fully supported exposure to Litecoin.

The issuance of a unit of ELTC will be backed by a “physical” approximation of 0.1 Litecoin, providing investors with direct exposure to cryptocurrencies and increasing ETP oversight, security and liquidity.

The Litecoin ETP issue solves the technical problems of investors buying Litecoin directly from the cryptocurrency market, such as the difficulty of creating a digital wallet, which undoubtedly contributed to the rise in the price of Litecoin.

According to data from Bybt, the grayscale digital asset management company has increased its Litecoin holdings in the past 30 days. The company bought 35,906 Litecoin (LTC) in total.

Litecoin (LTC) Price Analysis

Source: LTC / USD Daily via TradingView

Litecoin has started a sharp rise since the end of March and peaked at $ 263.15 on April 11. It broke through the $ 262 resistance level, the highest point on February 26, 2018.

But it seems that the bulls are currently not motivated enough. After hitting the high of $ 263.15, LTC fell back to around $ 240.

The bulls are currently actively defending this level. At the time of writing, LTC / USD is trading at $ 250.93.

The Relative Strength Index indicates that this altcoin has held above the 50 mark equilibrium zone and has risen to the overbought zone. The rising exponential moving average (EMA) tape and the bullish MACD index indicate that the current price level is supported by the buyer.

LTC / USD can continue the previous bullish momentum to a large extent and climb to the bullish pressure line of around $ 263.15.

If the bulls break the $ 263.15 resistance level, the next target that buyers would watch is the previous LTC high of $ 280. Conversely, if the bulls retest the $ 263.15 resistance level and fail to give it Turning to a support level, LTC / USD is going to go to test the 20-EMA of $ 222.07 and hover there.

Image Source: Shutterstock