Litecoin Hits Three-Year High as Litecoin ETP Launch Nears
Litecoin has started a strong uptrend since the end of March. On April 11, LTC hit a high of $263.15 on April 11. It exceeded the resistance level of $262, the highest point on February 26, 2018.
ETC Group, headquartered in the UK, launched its third product, a Litecoin exchange-traded commodity known as "ETC Group Physical Litecoin ETC".
ETC Group announced on Monday that this Exchange-traded product (ETP) will be listed on the Deutsche Börse Xetra market in Frankfurt on April 14 and trade under the ticker “ELTC”.
The new "ETC Group Physical Litecoin ETC" product will track the price of Litecoin cryptocurrency and provide institutional investors with fully backed exposure to Litecoin.
The issuance of a unit of ELTC will be supported by "physical" approximation of 0.1 Litecoin, thereby providing investors with direct exposure to cryptocurrency and increasing the supervision, security, and liquidity of ETP.
The ETP issuance of Litecoin 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 soaring price of Litecoin.
According to data from Bybt, Grayscale digital asset management company has increased its Litecoin holdings in the past 30 days. The firm purchased 35,906 Litecoin (LTC) in total.
Litecoin (LTC) Price Analysis
Source: LTC/USD Daily via TradingView
Litecoin has started a strong rise since the end of March and hit a high of $263.15 on April 11. It exceeded the resistance level of $262, the highest point on February 26, 2018.
But it seems that the bulls are currently insufficiently motivated. After hitting the high of $263.15, LTC pulled 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 remained over the equilibrium zone of the 50 mark and has treaded upwards to the overbought zone. The upward Exponential Moving Average (EMA) ribbon and bullish MACD index indicate that the current price level is supported by the buyer.
LTC/USD is able to continue the previous upward momentum to a large extent and rise to the upward pressure line of around $263.15.
If the bulls break through the $263.15 resistance level, the next target that the buyers would eye is LTC's previous high of $280. On the contrary, if the bulls retest the $263.15 resistance level and fail to flip it into a support level, LTC/USD will go to test the 20-EMA of $222.07 and hover there.
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