The cryptocurrency continues moving laterally for the eighth consecutive session, the pair entered a consolidation period and there have not been significant movements for almost a month. Current price trades below the short term moving average, indicating that there could be a downtrend
The Bollinger bands are narrow and steady, Litecoin continues to be on a consolidation phase, volatility should be low and we don't expect aggressive movements in the short term. The pair trades closer to the lower band but not enough to expect the price to bounce.
The relative strength index is at 42%, this will allow the pair to move in either direction once we have a breakout and the consolidation period is over. We have not seen the RSI above 50% since November 2021.
Our parabolic SAR indicator suggests that the price will continue to be on a downtrend, but we would have to wait and see if the price breaks the support level at $141.
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