Litecoin Technical Analysis: LTC Drops After Flashing Bearish Cross
Daily Litecoin LTC Price Analysis
- Litecoin price volatility has been decreasing steadily.
- LTC has been crashing towards the $150 support wall.
Since May 27, the Litecoin price has failed twice at the $195 resistance barrier. Over the last five days, LTC has crashed from $195 to $161, having faced repeated resistance at the 20-day SMA. Let’s take a closer look with technical analysis.
Litecoin Price Volatility Going Down
This Monday, the Litecoin price formed a bearish cross with the 200-day and 20-day SMAs and has since crashed from $171 to $162. LTC is presently falling towards the $150 psychological level. As things stand, the Bollinger Band has started constricting, to show decreasing price volatility.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has crucial support at the $150 psychological level Previously, at this level, 50,000 addresses had purchased almost 740,000 LTC tokens.
CoinShares Lists Litecoin ETPs on Germany’s Börse Xetra
Crypto investment firm CoinShares recently announced that its Bitcoin, Ethereum, and Litecoin physically-backed exchange-traded products have cross-listed on Germany’s Börse Xetra exchange.
CoinShares introduced a Bitcoin ETP (the first of its ETPs) on Switzerland’s SIX Exchange in January. The ETPs are physically backed, with the underlying digital assets in the custody of Komainu, a digital asset custodian that is a joint venture between Nomura, Ledger, and CoinShares. An ETP, like an ETF, is a financial instrument traded on a stock exchange.
The listing of CoinShares’ physical Bitcoin, Ethereum, and Litecoin ETPs on the Börse Xetra follows approval granted for the company to distribute ETPs across the European Union and provides institutional investors with passive exposure to digital assets. CoinShares Chief Revenue Officer Frank Spiteri said:
After launching in January, the CoinShares physical platform now has over [U.S.]$380m in assets under management and is passported to 11 countries.
CoinShares’ ETP listings join a growing number of ETPs on European exchanges. WisdomTree, an asset manager, announced earlier that its physically-backed Bitcoin and Ether ETPs have been listed on Euronext exchanges in Paris and Amsterdam.
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price daily chart, LTC is crashing towards the $150 support wall. A further break will take the digital silver towards the $140 line.