LTCUSD Long-term Trend: Bearish
Distribution territories: $120.00, $140.00, $160.00.
Accumulation territories: $65.00, $45.00, $25.00.
Litecoin lost value against the US dollar this week. The cryptocurrency recently managed to rise in value, especially when a strong short bullish Japanese candlestick emerged on July 2. LTC was driven northbound to around the distribution territory of $90.00 but later on, the market started moving in a range outlook until July 9.
On July 10, a short bearish Japanese candlestick appeared and that led its price to about $75.00. The price then went southward below the 14-day SMA as it has now been hovering around the horizontal line marked at $80.00. There is a notable gap between the two SMAs as the 50-day SMA is located above the 14-day SMA.
The Stochastic Oscillators have crossed below range 40 but are now above range 20. This means it isn’t clear what direction the cryptocurrency will take. LTC may still see its price decline to the lowest point it recently saw.
The bulls may potentially create strong foundations to stage a comeback. It’s assume the bullish market will resume when the 14-day SMA trend-line is broken by a strong movement.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
