The litecoin rate on Friday, March 5, is being adjusted and is around $ 174.
On the daily chart, the LTC / USD pair continues to show a correction against the background of an upward trend. The technical picture of the coin is as follows: after a correction, the asset continues to trade around the 38.2% Fibonacci mark. In the near future, quotes may break through the support level, after which a test of the 50% level may occur. The histogram of the MACD indicator is below the zero mark, which indicates the continuation of the correction. The indicator signal lines formed a “Black Cross”, giving an additional signal about the continuation of the rollback. Based on the combination of these factors, we can expect a correction to the 50% Fibonacci level, a rebound from it and continued growth to the $ 240 mark.
On the 4-hour chart, Litecoin is also trading near the support level. At this stage, we can expect a rebound from the 50% Fibonacci level. The Stochastic indicator has formed a “Golden Cross” and is moving into the overbought zone, which is another signal in favor of growth. The target point for the continuation of the upward dynamics is the $ 240 mark, says Dmitry Gurkovsky, leading analyst at RoboForex.
Grayscale Investment hedge fund has acquired LTC 174,939 in the last 30 days. The amount of investment in the purchase of such a volume of cryptocurrency can be about $ 28.9 million. The fund ramped up purchases in LTC simultaneously with an increase in investments in bitcoin and ether. Currently, the fund manages a trust in LTC in the amount of about $ 255.6 million.
At the same time, the total value of all cryptocurrencies managed by Grayscale is estimated at $ 36.9 billion. Grayscale purchases Litecoins for its clients and funds, which are in stable demand.
Interestingly, it was Grayscale that acquired 80% of all LTC mined in January 2021. This is a fairly large volume that can affect market behavior.
Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. RoboForex and ihodl are not responsible for the results of work that may arise when using trading recommendations from the presented reviews.