LTC / USD closed at 243.30 after a high of 243.85 and a low of 212.54. On Tuesday, LTC / USD rose for the eighth consecutive year, hitting its highest level since February 2018 at USD 243. Most cryptocurrency prices have been rising recently due to the increasing hype around digital coins in the market. The total market capitalization reached thanks to the ETHER Rally. The growing interest in so-called decentralized financing (Defi) and non-fungible tokens (NFTs) prompted many retailers and institutions to invest in the crypto market.
Litecoin also followed the crypto market trend, reaching its highest level in three years on Tuesday. Additionally, the recent spike in LTC prices could also be attributed to the latest news from CoinShares, which announced the launch of the Litecoin-backed Exchange Traded Product (ETF). On April 6th, CoinShare announced the launch of the Litecoin Exchange product and announced that it would be listed with the ticker LITE. According to the report, each LITE unit was supported with 0.2 Litecoin at launch, providing institutional investors with access to Litecoin.
CoinShare is one of the largest digital asset investment houses in Europe. A recent announcement brought the company’s total investment products to seven. That report helped Litecoin, and its prices suddenly rose more than 10% in a single day on Tuesday. On the other hand, the recent popularity of cryptocurrencies has increased investor interest BITCOINwhich eventually drove up the world’s largest cryptocurrency prices. The soaring prices of Bitcoin have also depressed Litecoin prices as they tend to affect other currencies due to their huge market capitalization.
On the USD front, US IBD / TIPP economic optimism remained unchanged at 18:37 GMT with expectations at 56.4. At 7:00 p.m. GMT, February JOLTS job vacancies rose from a forecast of 6.91 million to 7.37 million, supporting the US dollar. The US dollar index fell to a nearly two-week low at 92.32 on Tuesday, supporting LTC / USD prices.
Daily technical levels
Pivot point: 231,598
The LTC / USD The pair is trading on a bearish bias around the 226.25 level when the pair entered the overbought zone. Litecoin is currently likely to fall to the 218 level, which marks the 50% Fibonacci retracement. On the lower side, a breach of the 218 level can extend the sales trend to the 211 level. The RSI and MACD continue to hold a buy trend while the 20- and 50-period EMA support a sell deviation. Let’s say we sell below 231 today. Good luck!