LTCUSD Long-term Trend – Ranging
Distribution territories: $90, $110, $130.
Accumulation territories: $45, $35, $15.
In the last few weeks, there have been notably ranging movements in the price of Litecoin. This past week’s trading sessions saw the movements predominantly range between the $60 and $50 territories. On September 27, a sudden spike pushed the cryptocurrency’s price above $60.
That sudden short saw the cryptocurrency enter a new range, with its price floating around the $70 and $60 horizontal lines. Its price action has been stagnantly moving along with the two conjoined SMAs around the $60 price territory.
The Stochastic Oscillators have crossed after falling below range 80 and now point south below 60. This suggests there may still be lower lows in the market. However, bearish expectations aren’t much to base decision on in LTC over the next few days. A bearish reversal could give a potential bull run a great change of coming.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
