LTCUSD Long-term Trend - Ranging
Distribution territories: $100, $120, $140.
Accumulation territories: $45, $30, $15.
Litecoin is one of the cryptocurrencies that has been range-bound this week. On Aug. 17, its price went up considerable and briefly breached the $60 mark to touch the 14-day SMA from below.
On the following day, Aug. 18, the cryptocurrency was forced down as a result of not being able to break northwards through the trend-line of the 14-day SMA. Its price has been hovering around the trendline of the 14-day SMA near the $60 mark. The 50-day SMA is above the 14-day SMA as the cryptocurrency has been moving closer to the $70 mark.
The Stochastic Oscillators have moved past range 20, but are consolidating above it. This suggests traders should be somewhat patient before entering positions. The accumulation territory of $45 still seems to be a line the bears may find critical to break.
A breakout past $70 that remains above it for a long period may mean the cryptocurrency’s price will eventually pass $80. Traders may look for strong bullish movements to join them.
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