Litecoin Long-term Price Analysis | CryptoGlobe


LTCUSD Long-term Trend: Bearish

 

Distribution territories: $150.00, $170.00, $190.00.

Accumulation territories: $100.00, $80.00, $60.00.

LTCUSD,  at the start of the week, experienced slow ranging movements in the market trend. On May 21, a short Japanese bearish candlestick was formed below the intersectional point of both SMAs. As a result, buyers were slightly overpowered by the sellers. The sellers eventually managed to drive the market value southward, close to the accumulation territory of $110.00, on May 28.

On the following day, the pair notably entered a ranging movement as both sellers and the buyers seem to have lost a hold of the market. The 50-day SMA is above the 13-day SMA and both have been below the $150 distribution territory.

 The price action is now averaging along the 13-day SMA trend-line. The Stochastic Oscillators are trying to determine their next direction below range 50. The current ranging movements on LTCUSD are expected to be short-lived, and die out within next few days or weeks.

Sellers may soon be able to drive the market trend towards the accumulation territories of $110.00 and $100.00, which may denote a good return for buyers who play the market. Traders can be on the lookout for a decent long entry.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research



Source link

Comments (No)

Leave a Reply

There is something wrong with the server