LTCUSD Long-term Trend: Bearish
Distribution territories: $135.00, $155.00, $175.00.
Accumulation territories: $65.00, $45.00, $25.00.
Since the beginning of this week, Litecoin has been enjoying a spike in value against the US dollar. The market valuation of LTC has been increasing in the past few days. On July 2, a considerable spike occurred, helping the cryptocurrency get past its 14-day SMA trend-line. However the bullish move has been slowing down, hence the reason for the price’s current ranging outlook.
The bulls now appear to be staging a comeback as the bears seem to gradually be losing influence over the market. The 14-day SMA is below the 50-day SMA, while the price has been hovering a bit above the 14-day SMA.
The Stochastic Oscillators have moved from the oversold zone to touch range 40 from below. This denotes that an increase in the cryptocurrency’s price can still be expected. The southbound movement of LTCUSD, isn’t expected to carry so much of its volatility beyond its recent low.
The bulls will be building a strong momentum on most of the market’s short southward moves. A bullish bias is expected on behalf of both traders and investors.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
