Litecoin - the test of resistance with huge volume

The price of Litecoin has created a potential double bottom pattern with key support at 25,30 USD. From the second test of that level, the market seems to be moving within an upward channel with higher highs and higher lows.

However, the recent upward movement occurred with a huge volume on the weekly candle. The price has stopped the rally at the upper limit of the mentioned channel near 64 USD.

If the mentioned resistance is broken we could expect another rally to 84,40 USD where the next potential resistance is located. The nearest support may be set by the line drawn through the bottoms.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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