- Litecoin spikes by more than 1% after several weeks of stability.
- Grayscale Litecoin Trust open to all retail traders after FINRA’s approval.
Litecoin has been stable unlike other altcoins in the market. Like Bitcoin, price action is mainly drab except for the more than 1% gains accrued on Tuesday. The entire cryptocurrency market is mainly in green. However, due to low low trading volume, price actions remain limited.
As for Litecoin, the price is holding above an ascending trendline. It has a market value of $42.43. The immediate upside is limited by the 50-day SMA currently holding at $43.79. Glancing higher up, more resistance is anticipated at $45 while the 200-day SMA at $49.65 will stand in the way of the action to $50.00.
According to the prevailing technical picture, Litecoin is in a generally sideways trend. However, with the RSI pointing north, it means that the trend has a bullish bias. The same consolidation is reinforced by the MACD as it moves sidelong at the midline.
If the technical picture remains the same, expect consolidation to take precedence in the course of the week. Minor bullish price actions are anticipated but nothing nerve-shattering. On the flip side, support is envisioned at $42.00, the aforementioned ascending trendline and $40.00.
LTC/USD daily chart
Grayscale approved to publicly list Litecoin
Grayscale, a leading investment management firm based in New York announced on Monday that investors will soon be allowed to invest in both Litecoin and Bitcoin Cash funds following approval from FINRA. The Grayscale Litecoin Trust and Grayscale Bitcoin Cash Trust can now be listed on OTC Markets. In other words, even unaccredited investors can access the OTC Markets.
With digital currency ETFs still waiting to be approved, these listings offer retail investors exposure to the price movement of Litecoin and Bitcoin Cash through regulated investment vehicles, without having to figure out how to set up wallets or convert fiat into digital currency. These are the first such crypto investment vehicles for Litecoin and Bitcoin Cash available to the public.
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