LTCUSD Long-term Trend – Ranging
Distribution territories: $100, $120, $140.
Accumulation territories: $45, $30, $15.
Litecoin is one of the cryptocurrencies that has been range-bound this week. On Aug. 17, its price went up considerable and briefly breached the $60 mark to touch the 14-day SMA from below.
On the following day, Aug. 18, the cryptocurrency was forced down as a result of not being able to break northwards through the trend-line of the 14-day SMA. Its price has been hovering around the trendline of the 14-day SMA near the $60 mark. The 50-day SMA is above the 14-day SMA as the cryptocurrency has been moving closer to the $70 mark.
The Stochastic Oscillators have moved past range 20, but are consolidating above it. This suggests traders should be somewhat patient before entering positions. The accumulation territory of $45 still seems to be a line the bears may find critical to break.
A breakout past $70 that remains above it for a long period may mean the cryptocurrency’s price will eventually pass $80. Traders may look for strong bullish movements to join them.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
