The ETC Group announced on Monday that this exchange-traded product (ETP) will be listed on the Deutsche Börse Xetra market in Frankfurt on April 14 and marketed under the ticker “ELTC”.
The new product “ETC Group Physical Litecoin ETC” will track the price of the Litecoin cryptocurrency and provide institutional investors with a fully guaranteed exposure to Litecoin.
The issuance of an ELTC unit will be supported by a “physical” approach of 0.1 Litecoin, thus providing investors with direct exposure to cryptocurrency and increasing ETP’s supervision, security and liquidity.
The Litecoin ETP broadcast solve the technical problems of investors who buy Litecoin directly from the cryptocurrency market, such as the difficulty of creating a digital wallet, which undoubtedly contributed to increase the price of Litecoin.
According to data from Bybt, the digital asset management company in Grayscale has increased its holdings in Litecoin in the past 30 days. The company acquired 35,906 Litecoin (LTC) in total.
Litecoin (LTC) price analysis
Litecoin started a strong rise since the end of March and reached a high of $ 263.15 on April 11th. It surpassed the resistance level of $ 262, the highest point on February 26, 2018.
But it seems that the bulls are not sufficiently motivated. After hitting the $ 263.15 high, the LTC fell to around $ 240.
The bulls are actively defending this level. At the time of writing, the LTC / USD is trading at $ 266.75.
The relative strength index indicates that this altcoin remained above the 50 mark balance zone and rose to the overbought zone. The rising range of the exponential moving average (EMA) and the bullish MACD index indicate that the current price level is supported by the buyer.
LTC / USD is able to continue the previous upward momentum to a large extent and move up to the upward pressure line of around $ 263.15.
If bulls break through the $ 263.15 resistance level, the next target buyers are looking for is the LTC’s previous high of $ 280. On the contrary, bulls re-test the $ 263.15 resistance level and failing to launch it at a support level, LTC / USD will go to test the $ 222.07 20 EMA and hover there.