- Litecoin is standard amongst crypto-focused hedge funds.
- LTC/USD might proceed sidelined buying and selling with a bearish bias.
The whole worth of belongings managed by cryptocurrency-focused hedge funds has elevated considerably in 2019, in keeping with the current survey, supplied by PwC and Elwood Asset Administration Companies. The funding firm that focuses on digital belongings came upon that the overall worth of belongings beneath administration (AUM) elevated by greater than $1 billion in 2019, which was partially brought on by Bitcoin’s worth restoration after the crypto winter.
Notably, 38% of respondents within the survey stated that they’d been buying and selling Litecoin amongst different digital belongings.
It’s fascinating to notice that Litecoin was talked about by funds as one among their high traded altcoins regardless of its market cap being comparatively smaller than the opposite talked about altcoins, the report stated.
In line with PwC’s Arslanian, the crypto hedge fund trade will proceed rising over the approaching years as it’s the best solution to acquire publicity to the brand new class of belongings for the institutional traders.
LTC/USD: Technical image
Litecoin is the seventh-largest digital asset with the present market capitalization of $2.6 billion and a mean every day buying and selling quantity of $4.5 billion. The coin has misplaced over 2.7% within the current 24 hours amid widespread collapse on the cryptocurrency market forward of Bitcoin’s halving. On the time of writing, LTC/USD is altering arms at $41.15, after a short-lived dip under $40.00 on Sunday.
On the every day chart, LTC/USD obtained again above the decrease line of the Bollinger Band at $41.00; nevertheless, the restoration is capped by every day SMA50 situated on the strategy to $43.00. As soon as it’s out of the way in which, the upside is prone to acquire traction with the following give attention to $45.50 (the center line of the every day Bollinger Band) and $47.00 (Sunday’s excessive). A transfer above this degree will compensate the sell-off and convey the restoration again on observe.
Nonetheless, the every day RSI nonetheless factors downward and reveals no indicators of reversal. It implies that the coin is susceptible to range-bound buying and selling with bearish bias at the very least till the chance occasion is behind us. The native help is created by the above-said decrease line of the Bollinger Band at $41.00. Whether it is damaged, the sell-off could also be prolonged in direction of the psychological $40.00.
