Litecoin Price Prediction: LTC Has Had A Bullish Session After Seven Straight Bearish Days
Daily Litecoin LTC Technical Analysis
- The Litecoin price has flipped the 20-day SMA from support to resistance.
- The MACD shows increasing bearish momentum.
Between April 17 and April 24, the Litecoin price has had seven straight bearish sessions, wherein LTC dropped from $308 to $224. During this downward surge, the Litecoin price managed to flip the 20-day SMA from support to resistance.
Litecoin Price On The Verge Of Flashing Bullish Signal
This Sunday, the Litecoin price finally had a positive session, wherein LTC jumped from $224 to $232. The MACD shows increasing bearish momentum so a further drop is expected. The TD sequential detector is on the verge of flashing a buy signal in the form of a red-nine candlestick.
Image: LTC/USD daily
On the upside, the Litecoin price has one solid resistance barrier at the 20-day SMA ($250). Previously, at this level, over 80,000 addresses had purchased over 2.20 million LTC tokens. This barrier is robust enough to absorb a lot of buying pressure.
The First Litecoin ETP Launched in CoinShares
Popular asset manager CoinShares has recently launched a Litecoin exchange-traded product (ETP) on the Swiss SIX exchange. The product, dubbed CoinShares Physical Litecoin (LITE), is available for institutional investors to trade in USD, euros, or Swiss francs. Each LITE share is backed by 0.20 Litecoin (LTC), providing direct exposure to the underlying asset at the cost of a 1.5% management fee per annum.
Litecoin is currently the 8th Largest cryptocurrency. LITE marks the third ETP from CoinShares, following Bitcoin and Ethereum ETPs launched earlier this year. All coins are custodial by Komainu, a joint venture between CoinShares, Ledger, and Investment bank Nomura.
Frank Spiteri, Chief Revenue Officer at CoinShares, said:
As demand for digital assets amongst the traditional investment community steadily increases, we are starting to see the green shoots of demand for investment exposures outside of the top two dominant networks. CoinShares is the leader in creating novel ways for investors to access the digital asset ecosystem, and LITE is the next step on a path to bringing a more comprehensive and diversified offering of ETPs to market.
Townsend Lansing, Head of Product at CoinShares, said that LITE would benefit from the same "robust and transparent" physically-backed product structure. Lansing added that the team is excited to add exposure to such a "well-accepted and widely traded" crypto-asset to their new product line.
Litecoin Price Is Expected To Reach These Levels
If the Litecoin price jumps up, it will probably hit the 20-day SMA ($250). If LTC manages to break above this line, it will hit the $270 resistance barrier.