LTCUSD Long-term Trend: Bearish
Distribution territories: $150.00, $170.00, $190.00.
Accumulation territories: $75.00, $55.00, $35.00.
Litecoin has been falling significantly against the US dollar. A previous sudden price decline in the value of LTC, that occurred on June 10, is still making bearish moves in the digital asset’s value.
Source: CryptoCompare
On June 12, the bears forced the market’s price line down to touch the accumulation territory of $100.00 which was formerly found too strong to breach on two occasions of Feb. 2 and Feb. 6. On Feb 13, the bears were able to slightly breach the strong accumulation territory.
Afterwards, the crypto asset started trading in a range-bound outlook till June 21. On June 22, LTC made a fairly short strong move southwards and now seems to be experiencing this year’s lowest price. The 13-day SMA is below the 50-day SMA. The 13-day SMA trend-line has touched the accumulation territory of $100.00 from the top, while a short bearish Japanese candlestick has occurred below it.
The Stochastic Oscillators are now consolidating very lightly around range 20. The bearish trend may still be given a shorter conducive atmosphere over the bulls’ failure to rise. Nevertheless, the any further bearish moves allow the bulls to gradually come back. Traders are expected to watch for reversals from various possible bearish moves to enter long positions with cautious financial management strategies.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
