- LTC / USD clears $ 300 level to make new year highs
- On April 14th, Deutsche Börse launched an Exchange Traded Note (ETN) based on Litecoin
Litecoin accelerated past the $ 300 mark, trading at a new annual high on April 16. LTC / USD clears $ 300 levels to make new year highs in the $ 320 region. The breakout hit highs of $ 319.94 before a mild retracement. If the high levels resist, LTC could trade sideways below and consolidate the run. On the other hand, failure of the high levels to resist could result in Litecoin testing the $ 350 psychological level.
At the time of writing, LTC was trading at $ 316, up 12% over the past 24 hours and 42.01% per week. Market capitalization is currently $ 21.15 billion with an exchange-traded volume of $ 10.90 billion in the last 24 hours.
In June 2020, Deutsche Börse has been The world’s first exchange to initiate trading in centrally released crypto products. While Deutsche Börse expanded its range of cryptocurrency products, on April 14th it launched an Exchange Traded Note (ETN) based on Litecoin, which can be traded for the first time on Xetra and the Frankfurt Stock Exchange. Investors can now choose from ten ETNs among four providers for Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
LTC / USD Daily Chart: bullish
LTC is currently consolidating below its annual high of $ 320. The RSI is pointing up to 80. This means that if bulls reveal targets at $ 400 and above, they are likely to stay for another attack on the psychological $ 350 mark for the long term .
The uptrend should ideally stay above the daily lows of $ 266 (after retesting support at that level in two days) with deeper dips above the break of MA 50 ($ 206) to keep the bulls intact. Only MA 50’s break at $ 206 would get bulls out of the way. Further losses below this point could in the short term accelerate the decline to the USD 166 and USD 152 support levels.
Also note that the bullish run-up trade could end on a retracement. A possible retracement at the current price could result in a retest of the $ 300 level that the $ 266 level would support.
On the flip side, there are plenty of supports starting at $ 266. Prior to the MA 50, the USD 240 and USD 211 support levels may halt downside risk. LTC / USD could find support in the event of a sharp pullback and trade sideways above either level until a strong uptrend breaks above the USD 320 resistance.
- Offer levels: $ 400, $ 350, $ 320
- Demand levels: $ 300, $ 280, $ 262
In conclusion, the LTC / USD is maintaining a bullish tone above the moving averages. However, it appears the pair will need to stay afloat in the $ 300 region before resuming the next leg of the uptrend.