Litecoin Price Analysis – May 29

Azeez Mustapha
  • LTCUSD in recent days has witnessed a major downturn in value against the US dollar
  • Looking at the the indicators, the expectation is that the bulls will strengthen.

LTCUSD Daily Trend – Bullish

Distribution territories: $122.00, $124.00, $126.00.

Accumulation territories: $116.00, $114.00, $112.00.

LTCUSD has recently witnessed a major downturn in value against the US dollar. The bears enjoyed the decline while the bulls were losing strength, as the bears strove to drive the market value to the accumulation territory of $110.00. The bulls today regained their strength and were able to move the market to a bit above the distribution territory of $122.00 before a retracement occurred.

Litecoin, LTCUSD, Cryptocompare chart

The price has now been trading northward as at the time of writing. The 13-day SMA has crossed the 50-day SMA from the top but is currently pointing northward below it. The Stochastic Oscillators have moved from the oversold zone and now point northward a bit above the range of 20. Looking at the indicators, it is increasingly likely that the bulls will strengthen, The bears are now assumed to be losing their selling pressures against the asset. Traders might now watch out for decent entries.

 

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