LTCUSD Long-term Trend – Ranging
Distribution territories:$75, $95, $115.
Accumulation territories:$40, $30, $20.
Litecoin’s market valuation has been somewhat affected by the visible lack of participation from both the bulls and bears this week. The cryptocurrency has kept on falling within its trend to the same low it saw on October 11. Currently the $70 and $50 territories are defining LTC’s range.
Litecoin Chart by TradingView
The cryptocurrency’s price has been moving along with the 14-day SMA’s trend line, below the 50-day SMA’s trend line, within the range. The Stochastic Oscillators have joined each other while above range 20. Taking a keen look at every economic indicator of LTC, it appears to lack the potential of escaping this situation in the short term.
Nevertheless, the potential strong price movement shouldn’t be overlooked as the 50-day SMA’s trend line and the $60 mark could eventually be broken northwards.
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