Litecoin Price Analysis: LTC Bulls Charge Towards $250
Daily Litecoin LTC Price Forecast
- Litecoin price has broken above crucial levels.
- CoinShares has launched a Litecoin Exchange Traded Product (ETP).
Since March 26, the Litecoin price rose by nearly $70 – going up from $172 to $240. With buyers looking to take down the $250 level, CoinShares just announced that they would be releasing a Litecoin Exchange Traded Product (ETP). As per CoinShares:
“LITE will be the third product launched so far this year on CoinShares' institutional-grade ETP platform, CoinShares Physical. Each unit of LITE is backed with 0.20 litecoins at launch, providing investors with passive exposure to the Litecoin network's native asset.”
Litecoin Price Climbed Above Wedge Formation
Over the last three days, the Litecoin price jumped from $195 to $240. During this climb, LTC rose above two crucial levels – the Bollinger band and the wedge pattern. However, do note that the relative strength index (RSI) is about to enter the overbought zone, so it may face a bearish correction as soon as it approaches $250.
Image: LTC/USD daily
Looking at the IOMAP, there is a lack of formidable resistance levels on top. Previously , at the $250 resistance level, 27,500 addresses had purchased 148,500 LTC tokens. On the downside, there are three healthy support walls at $230, $220 and $205.
Charlie Lee Is Now The Independent Director Of BTCS
Blockchain firm BTCS recently announced the appointment of Litecoin creator Charlie Lee to its Board of Directors. Charles Allen, Chief Executive Officer of BTCS, said:
We are honored to welcome Charlie Lee to our board. A true innovator and visionary in the blockchain space, his decision to join our board is a strong vote of confidence in our multifaceted strategy. We look forward to working closely together to execute on our vision for long-term success.
After working at Google from 2007 to 2013, Lee served as the Director of Engineering at Coinbase from 2013 to 2017. He attended The Massachusetts Institute of Technology, where he graduated in 2000, earning both a bachelor’s and master’s degree in Electrical Engineering and Computer Science.
Commenting on the news, he said that he was excited about the new venture. Lee noted that BTCS is in a great position to expedite its growth by capitalizing on rising opportunities such as “staking-as-a-service.” According to him, momentum is building more broadly within the blockchain space as it evolves into its institutional phase.
Litecoin Price Is Expected To Reach These Levels
Litecoin price will use all this bullish momentum to make a charge for the $250 psychological level.