Will Litecoin hit $250 after rallying by more than 16% today?
Litecoin has been struggling to hit the $250 mark in recent weeks but could reach the level after rallying by more than 16% today.
The cryptocurrency market cap has hit the $3 trillion mark after numerous coins rallied over the past few days. Litecoin is one of the best-performing cryptocurrencies at the moment, rising by more than 16% over the past 24 hours.
Despite its recent rally, Litecoin has struggled to break past the $250 resistance level. At the time of writing, LTC is up by 16.3% and is trading at $244.10 per coin. However, if it maintains the current momentum, then it could rally past the $250 resistance level over the next few hours.
Key levels to watch
The LTC/USD 4-hour chart is currently bullish, despite being 40% down from its current all-time high price. The technical indicators such as the MACD line and the relative strength index are all bullish, indicating that the coin could rally higher over the coming hours.
Litecoin’s pivot level is around $220, and after surpassing it, LTC could possibly rally higher before the end of the day.
What to expect
LTC could look to surpass the $250 level over the next few hours. The cryptocurrency has steered clear of the $220 resistance level and is currently trading above the $244 mark. It will need to surpass the first major resistance level at $248 if it wants to reach $250.
Surpassing the $250 point would allow Litecoin to make a move towards its second major resistance level at $259. Unless there is an extended bullish run, Litecoin could find it hard to push past the $265 level over the next few hours.
On the flip side, LTC could retrace after its rally and dip towards the $235 support level. Further correction towards the $220 pivot will only happen if there is an extended sell-off within the broader cryptocurrency market.