LTCUSD Long-term Trend: Bearish

 

Distribution territories: $180.00, $200.00, $220.00.

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

On May 6, Litecoin started declining against the US dollar, as the bears overpowered the bulls. On May 10, the bears further moved the market southward. Litecoin’s price has been touching the 50-day SMA’s trend line, below the distribution territory of $150.00. The 13-day SMA has crossed the 50-day SMA from below although the lines are still close to each other.

Litecoin, LTCUSD, Cryptocompare chart

The Stochastic Oscillators have moved southward from the overbought zone, past the 50 range. This indicates that the bears may soon start losing to the bulls, as bearish moves are getting weaker.

It’s been observed that the currency bearish trend hasn’t found it easy to take LTC down past the accumulation territory of $100.00. The price action between February 2 and 6 as well as several lower bottoms that occurred March 30 and April 11 have testified to that. As a result, investors can get ready to take long entries as soon as the price reverses. Traders are expected to look out for a decent bullish candlestick formation before taking action, while maintaining proper fund management.

 

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