In the last couple of weeks, there has been some highs and lows in the value of digital currencies in the crypto market. Even the top digital currencies such as bitcoin and Ethereum were not exempted. Sometime in April, there was a significant increase in the value of digital currencies, but a couple of weeks later, they all experienced drastic declines, and most of them are still yet to recover.
The Long-Term Trend of Litecoin against the US Dollar
Litecoin (LTC), just like every other digital currency, experienced a dramatic decline in value this week. The bear finally got a market advantage against the bulls while failing to push the trend upward. The market witnessed lower lows on the 2nd and 6th of February respectively,
Presently, both the simple moving average and exponential moving average are above the market value of the digital currency. The 15-day simple moving average is now above the 50-day simple moving average.
The Value of Litecoin
At the moment, the value of the digital currency is averaging the $120 accumulation territory. Also, the Stochastic Oscillators have gone further into the oversold level beneath the 20 range, and this purely indicates that selling trend will soon come to an end.
The $100 accumulation territory is still a very strong vertical line for the bears to breach. In the meantime, the accumulation territories that are below the $100 accumulation territory are being regarded are foundational points during which there can be brief stops in trade.
Investors and enthusiast can constantly watch out for entries from the reversal trend of bears. Traders can as well be on the watch for decent reversals of bears as well as a possible unexpected upward breakout to join the market while adequately applying and strictly adhering to financial management rules. The prices might bounce back from their lows very soon.