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The LTC Technical Analysis is interesting by the fact that shares in Grayscale Investments’ Grayscale Litecoin Trust, or LTCN, have been trading at a whopping 1,800% premium over the market rate of their underlying asset, Litecoin.
This difference is primarily due to retail investors’ inability to purchase shares directly from Grayscale Investments, whose funds are aimed exclusively at accredited investors.
The United States-based investment firm also offers trusts for other cryptocurrencies, including Bitcoin (BTC). The Grayscale Bitcoin Trust (GBTC) is the firm’s largest holding, with over $30 billion in assets under management.
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Past Performance
LTC has rallied by 7.10% yesterday, March 26, 2021. Reversing a 2.54% loss from Thursday, Litecoin ended the day at $183.70. It has been a mixed start to the day and LTC fell to an early morning intraday low of $171.47 before making a move. It has stayed clear of the first major support level at $167. The coin rose to a late intraday high of $183.93.
The currency broke through the first major resistance level at $177 and the second major resistance level at $183. It saw a late pullback where it fell briefly through the second major resistance level before wrapping up the day at $183.70 levels.
LTC currently is up by 0.26% to $184.18. The levels saw an early morning low of $183.50 before rising to a high of $184.61. The currency saw the major support and resistance levels untested early on.
Days-Ahead and Tomorrow
LTC would need to avoid a fall through the $180 pivot level to support a run at the first major resistance level at $188. It would require broad market support for it to break out from this morning’s high of $184.61. Barring an extended crypto rally, the first major resistance level and resistance at $190 would likely cap any upside.
LTC Technical Analysis
As per the technical analysis strategy, in the event of an extended rally, the currency could test resistance at 23.6% FIB of $195 before any pullback. The second major resistance level sits at $192. Failure to avoid a fall through the $180 pivot level would bring the first major support level at $176 into play. Unless an extended sell-off happens, LTC should steer clear of sub-$170 levels. The second major support level sits at $167.