Litecoin Weekly Price Analysis – May 5
LTCUSD Long-term Trend: Bearish
Distribution territories: $180.00, $200.00, $220.00.
Accumulation territories: $110.00, $100.00, $90.00.
There have not been a significant variant moves on the LTC/USD pair this week. The pair slightly declined on April 30, but managed to pull back on May 2. All these movements were more or less in a ranging format. The bulls found it difficult to breach past the same distribution territory of $180.00 as last week.
The 13-day SMA has crossed the 50-day SMA from below, with the price currently averaging a bit above the 13-day SMA. The Stochastic Oscillators, between April 29 and 30 slightly fell below the 80 range but are now finding their directions back northward into the overbought zone.
It has as well been observed that there are some strong distribution territories above the next immediate distribution of $180.00. As a result, the bulls would still need some momentum to sustain the current bullish trend. The sentiment for both investors and traders is that they should be on the lookout for a reversal from a strong selling market before entering a long position. Traders should apply proper money management.
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