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.

Litecoin Chart by TradingView

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.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.