Litecoin market update: LTC/USD stuck in a range – imminent sideways trading

Litecoin performed incredibly well in both April and May. The price corrected past several key support levels, for instance, $85, $100 and $110. The buyers extended the gains towards $120 but failed to make headway above the level resulting in declines below $110 short-term support. Short-Term support has been established at $105 paving the way for an upside correction.

LTC/USD is currently exchanging hands at $111.97 amid a building bullish momentum. For the past week, the price is limited in a range between $105 on the downside and $120 to the upside. Marginally above the current price, the 100 Simple Moving Average (SMA) will hinder growth at $112.71 while the 50 SMA currently at $113.76 will limit gains.

Litecoin is likely to stay within the range limits in the coming days. The Relative Strength Index (RSI) is pointing upwards after testing the levels at 30.00. The indicator stepping above 50 will encourage the bulls to gain more confidence in the upward momentum. On the other hand, the Moving Average Convergence Divergence (MACD) is horizontal but stuck in the negative zone to show that the price will remain sideways in the coming sessions on Monday.