- We are currently having a clear and clean potential sell signal opportunity for LTC since it appears that all the effort made by the buyers to keep the market going up did not become futile.
- That is because the bulls could not break the near term supply zone at $120, and the sellers quickly consider the barrier as an opportunity to take the market away from the bulls.
LTC/USD Current Statistics
Current market price: $94.10
Market Capitalization: $5,882,945,276
Trading Volume: $3,197,528,084
Major supply zones: $117.10, $150.05, $165
Major demand zones: $70.10, $50.25,$40.10
Litecoin position stays stable due to some good reasons
Litecoin is ranked number four in the Coinmarketcap due to its flexibility in supporting most of the major online business transactions of financial institutions, firms, and individuals that want instant payment.
Litecoin (LTC) Price Analysis July 25, 2019
The price of this Token is forming an exciting trading method known as “Head and Shoulder Method.” Sellers see that this trading setup may play out, and if this is finally valid, there is a total tendency that the price of LTC will more likely go to the downside.
The bears may not rest unless they drag the price down to the next available major demand zone at $40.40.
Chart Indicators Reading
Almost all the market indicators and tools are pointing to the downside; the sellers are much in charge since the effort of the buyers to continuing pushing the price to the upside failed.
However, the bulls have just set another barrier ahead of the bears to limit the substantial downtrend move to a significant demand zone at $40.40. And possibly, if this zone holds, the buyers may take over the entire market and take the price to the next supply zone at $120.
General Outlook for LTCUSD
The general outlook of Litcoin is a bearish market with a full downtrend supports; however, the buyers have their plan B, to limit the downward movement to a major demand zone at $40.40. As always, it is okay to follow the trend because the trend is our friend.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.