LTC/USD stuck in a range as the trend loses traction

  • Litecoin bulls escape one range resistance only to fall into another range trap between $85.00 and $80.00.
  • Technical analysis shows that Litecoin is poised for sideways trading within the narrow range.

Litecoin escapes one narrow range only to fall into another. The brief surge at the opening of the session today sent it above $80.00. The buyers pushed the price further up but LTC/USD stalled at the 100 simple moving average (SMA)1-hour before touching $85.00.

A retracement from the intraday high has sent Litecoin back to the support at $80.00. LTC is currently trading at $81.05 within the 50 SMA 1-hour support and the 100 SMA 1-hour resistance.

A broader look at the chart shows Litecoin having sustained an uptrend above the trendline that has been trending higher since the beginning of April. Besides, the trend in the near-term is likely to remain within the range between $85.00 and $80.00. Signals from indicators like the Relative Strength Index (RSI) is neither negative nor positive and is ranging at 55.88. The same trend is shown by the moving average convergence divergence (MACD) which is currently hugging the mean line (0.0))

LTC/USD 2-hour chart

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