Price Analysis

Litecoin Lists on OTC Market but Faces String Resistance at $45.5

Grayscale— a leader in digital currency asset management of public and private funds, has received FINRA consent with respect to Bitcoin Cash Trust and Litecoin Trust for public quotations on OTC Market Group. The two are listed under the symbol $BCHG and $LTCN. The diversified exposure will lead to extended reach amidst 10,000 US and global securities as a breakthrough in the category of digital assets.

In this regard, Litecoin and Bitcoin Cash have made a remarkable entry on Grayscale to extend the reach of the network and adoption of these digital tokens, which otherwise has not yet happened for other cryptos of the global crypto market. The LTC price may not entice enough, but the recent listing will necessarily lead to inevitable institutional investors joining the network and splurging in the digital asset avenue.

This simplification of trading through listing on the OTC Market will lead to the mass adoption of the tokens by the potential inverts who otherwise were lacking to trade through cryptocurrency exchanges.

LTC, however, is not a manipulated token and is an investment for the long-term. With a gradual rush in the altcoin market yesterday, Litecoin, along with IOTA, TRON, Augur, etc., was seen gaining intraday momentum.

Litecoin Price Analysis

Litecoin News
LTC/USD Chart By TradingView

LTC, at the press, was trading at $43.73 after reclaiming 30-day height at $45 in the 2nd week of the ongoing month. After a gradual pullback from the recent 30-day high at $45, Litecoin is still holding support from MA50 & MA200. The 20-day Bollinger Bands laid are seen widening on the above chart and had gained a steep momentum to rise from trading around $41 on the first day of the ongoing week. Moreover, the coin at the opening of the day was seen trading around $44 price area and around the press time pulled back to trading at $43.

Important to note that Litecoin did not gain a spiking momentum in the early two weeks when altcoins like VeChain, Verge, DigiByte were acing the market change. However, with respect to be a long-term investment option amongst the other cryptos of the market, we are not likely to see major price manipulations.

With intraday bullish sentiments, the technicals are reflecting positive crossovers too, and in this regard, the MACD indicator holds a bullish divergence as it crosses above the signal line. The RSI is inclined towards the overbought region and lies at 63.37. But Litecoin price is facing rejection at $45.5 and is awaiting a possible breakout soon to hit a fresh high.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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