Litecoin Weekly Price Analysis – April 7 $LTC

LTCUSD Long-term Trend: Bearish

Distribution territories: $140.00, $160.00, $180.00.

Accumulation territories: $100.00, $80.00, $60.00.

LTCUSD pair has also witnessed a continuation of a bearish trend over the past few weeks. Litecoin against US dollar, on April 3rd, managed to make a lower high and in the following day resumed slumping southward towards the accumulation territory of $100.00. It is currently trading around the distribution territory of $120.00. Moving average 13 has crossed the moving average 50 from the top and price action has been trading within the two moving averages. 

Stochastic Oscillator also remains crossed from the top around the overbought zone and points southward as well. All these put together still suggest more selling pressure for the pair. On the back side, LTCUSD also shows some strong accumulation territory areas of $100.00, $80.00, and $60.00. Those areas mark significant foundational territories, and investors are expected to experience pit stops. Again, the southward trend on LTCUSD could continue for more weeks as long as there is no possibility of price action to form a reversal.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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