Recently, the upward trend in the prices of litecoin has slightly slowed down, which meant that the demand side failed to break new historical highs. Currently, the course has formed a double peak formation around 366 USD. Nevertheless, the continuation of the upward trend is still the most likely scenario.
A possible deeper correction should again come across strong support which is localized close to 245 USD price area. The last dynamic reaction to this zone indicates that there should be quite a lot of demand in this area.
At the M15 time frame it is worth taking interest in the local downward trend line. Breakout of this trend line opening the way to continue increases and attack on the abovementioned resistance area of 366 dollars, with the potential for breaking new peaks.
Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.
