LTCUSD Long-term Trend: Bearish
Distribution territories: $160.00, $180.00, $200.00.
Accumulation territories: $100.00, $80.00, $60.00.
Litecoin, endured more downward movements against the US dollar this week. On May 5, the pair saw a significant high in the price, while on the following day, May 6, the bears took a hold of the market by driving it southward to the point of touching the accumulation territory of $110.00 on May 28.
The bulls are now striking harder to break through the 13-day SMA trendline, with the 50-day SMA trendline being a bit above the 13-day SMA. The stochastic oscillators crossed into the oversold zone below range 20, but are now pointing northward.
These signals indicate that the bears are getting weaker. The market is expected to survive from the current decline in value against the US dollar. The bears may still push it towards the accumulation territories found between the $100.00 and $90.00 marks, before staging a strong upward reversal.
Swing traders and position traders can possibly watch out for long entries with a decent way of practicing proper management rules. Investors can also come in to join long trade entries.
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