Litecoin price analysis: LTC/USD keeps trending sluggishly in a constricted range

  • LTC/USD is trending between $60 and $54 since 25th September.
  • The market volatility has gone for a dive and has constricted dramatically.

Following a bearish Tuesday, the bulls have taken control of the market. The price of LTC/USD fell from $57 to $54.65 yesterday and has since recovered to around $54.80. Over the last three weeks, LTC/USD is trending in a constricted range of $60 and $54. The hourly breakdown shows us that the price has intra-day support at $54.50, which it used to bounce up to $54.80. The immediate market resistance levels to overcome lie at the 20-day Simple Moving Average (SMA 20) curve and the $60-line.

LTC/USD daily chart


The market is trending below the SMA 20, SMA 50 and SMA 200 curves. The 20-day Bollinger width has dropped to 0.092, which indicates very low market volatility. The Relative Strength Index (RSI) indicator is trending at 39.30, right next to the oversold zone. The Elliott Oscillator has had a bullish session following two straight bearish sessions.

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