LTCUSD Long-term Trend - Ranging
Distribution territories: $75, $95, $115.
Accumulation territories: $40, $30, $20.
There have been considerable ranging movements in Litecoin’s price this week. Its current range was first seen around August 12 and is defined by the $60 and $50 territories.
On October 12, the trend lines of LTC’s SMAs crossed each other, leading to lower lows around the $50 territory, near the range’s low end. Both SMAs are within the range, with the 50-day SMA being separate by a small distance from the 14-day SMA.
The Stochastic Oscillators have crossed a bit over range 25 to seemingly start a consolidation movement around it. This implies neither the bears nor the bulls are currently effectively impacting the market. Some expect this cryptocurrency to enter a bullish trend if its price goes below the $50 low. Traders are advised to pay attention should said scenario occur.
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