Litecoin price analysis: LTC/USD keeps trending in a narrow >$10 range

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  • LTC/USD has immediate resistance at the SMA 20 curve.
  • The Elliott Oscillator has had three straight bullish sessions.

For nearly a month, LTC/USD has been trending sluggishly in a >$10 range. The price of the asset has gone up slightly from $54.75 to $54.95 this Tuesday. The hourly breakdown shows us that the price fell to $54 before it went up to $55.55 in two hours. Following that, the bulls and bears have gone back and forth before settling around $54.95. 

LTC/USD daily chart

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The daily price chart has found immediate resistance at the 20-day Simple Moving Average (SMA 20) and SMA 50 curves. The 20-day Bollinger band has constricted, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. The Elliott Oscillator has had three green sessions following two red sessions.
 

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