Categories: CryptoNews

LTC Remains in the Correctional Zone

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Friday, March 5th, Litecoin is correcting not far from $172.51.

As we can see in the daily chart, LTC/USD is still correcting within the ascending tendency. the current situation is as follows: after completing the correction, the asset may trade near 38,2% fibo. In the nearest future, the price may break the support level and test 50.0% fibo. The MACD histogram is below 0, thus implying that the correction continues, while its signal lines have formed a “Black cross”, which is another signal in favor of a further pullback. All these factors taken together imply that the asset may continue the correction towards 50.0% fibo, rebound from it, and then resume growing to reach $240.00.

In the H4 chart, Litecoin is also trading close to the support level. At the moment, we can expect a rebound from 50.0% fibo. Stochastic has formed the “Golden cross” and is currently moving towards the “overbought area”, which is another signal in favor of a further uptrend. The upside target here is $240.00.

Related Post

Grayscale Investment has acquired 178,600 LTC over the 30 days. The sum invested in this number of crypto-coins may be about $28.9 million. The fund increased its long positions in LTC simultaneously with purchasing BTC and ETH. At the moment, the fund has a trust in LTC approximately worth $255.6 million.

At the same time, the total sum of all cryptocurrencies controlled by Grayscale is estimated at $36.9 billion. Grayscale acquires Litecoin for its clients and for the funds that are in stable demand.

It’s interesting that it was Grayscale that acquired 80% of all LTC mined in January 2021. It’s a pretty big volume, which may influence the market behavior.


Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Chief Analyst at RoboForex

Published by
Dmitriy Gurkovskiy

Recent Posts

Ankr Price Up 11% Amid Binance Listing and Polkadot Parachain Integration

Ankr price is up over 11% today, making it one of the biggest gainers on…

3 hours ago

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on…

17 hours ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

21 hours ago

Top 5 Metaverse Coins With Fully Functional Apps to Watch In 2022

The hottest trends in crypto right now are meme coins and metaverse projects. With Facebook's…

22 hours ago

How to Identify and Report Cryptocurrency Scams

With crypto going mainstream, there are a lot of scams popping out. While buying certain…

1 day ago

Top 5 Meme Coins to Watch for Short Term Profit

With all the meme coins coming out, if you're looking to make short term profit…

2 days ago

This website uses cookies.