LTCUSD Long-term Trend – Ranging
Distribution territories: $100, $120, $140.
Accumulation territories: $45, $30, $15.
Although Litecoin’s price has been increasing, this week the cryptocurrency still has a range-bound outlook. It should also be noted that this cryptocurrency has seemingly been under the sell signal line of the 50-day SMA for several weeks.
Between Aug. 27 and 28, the cryptocurrency saw its price increase from $57 to $65. Litecoin’s price has been hovering close to its 14-day SMA around the territory of $65. The 50-day SMA is above the 14-day SMA as the former is now seemingly found at $70. The Stochastic Oscillators have partially broken past range 80 to point north in the overbought zone.
This implies LTC’s price is still being pushed north. As such we’ll likely see the cryptocurrency hit the $70 mark. Similarly, a breakdown below the accumulation territory of $50 could see its price drop to about $45, or even $30. Traders should wait for notable price actions from the bears to enter long positions.
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