Litecoin News Today – LTC/USD Posts Gains Today as Grayscale’s Funds Go Public – July 22nd, 2020

  • The LTC/USD trading pair has posted a minor bullish action on the day 
  • Grayscale’s announcement may have positively impacted Litecoin’s price
  • The digital asset is higher by 3.5% since the announcement

Litecoin news today – Recall that on July 21, Grayscale investments made a huge announcement about two top digital assets including LTC and BCH. The digital assets management company announced the approval of Shares of Grayscale Litecoin Trust and Grayscale Bitcoin Cash Trust. The company said the new funds were approved by the Financial Industry Regulatory Authority. The ticker names which they will be traded under the OTC market are BCHG and LTCN. The company further stated that they will be traded as “unregistered” securities. Now, after many hours of the announcement, the price of Litecoin one of the two funds announced has improved. The digital asset is up by 3.5% 24-hours after.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$57.39

LTC News Today – Grayscale’s Announcement May Have Positively Impacted Litecoin’s Price

A look at the chart today shows that the price of litecoin managed to increase after the major crypto asset manager said that it has added two trust funds backed by Litecoin and Bitcoin Cash have been approved by the Financial Industry Regulatory Authority for listing on public OTC (over-the-counter) markets in the United States. Since Grayscale announced exactly 19:00 UTC yesterday July 21, the price of LTC wad trading up by 3.5%. Meanwhile, in the past 24 hours of trade as a whole, the price of Litecoin was up by 2.8%. Since the announcement, Litecoin has managed to move to a price of $43.6 which is the same position it held at press time. The LTC price stood out with a strong rise in value shortly after Grayscale revealed the news about the crypto-backed trust funds.

Litecoin Price Prediction – Litecoin’s Price Must Avoid Dropping Below $43.27 to Move Past $44.66

In a further analysis of Litecoin’s price, the digital asset is still not doing well enough despite the latest upward movement. The only way to stay up is for Litecoin to avoid a fall to the $43.27 pivot position. By doing this it will be able to support a run at $44.66 which is the first major resistance for the coin. The digital asset will also need support from the cryptocurrency market to break Tuesday’s high of $44.10. In the absence of a fresh crypto rally, Litecoin’s first major resistance position which is also Tuesday’s high of $44.10 will probably cap any upside action. If the coin fails to avoid falling to the $43.27 area, it would bring its first major support of $42.45 into play. In the absence of an extended sell-off, Litecoin should remain clear of the levels below $40. The second major support area of $41.06 should cancel any downside action.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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