Litecoin has been struggling to hit the $250 mark in current weeks however may attain the extent after rallying by greater than 16% right this moment.
The cryptocurrency market cap has hit the $3 trillion mark after quite a few cash rallied over the previous few days. Litecoin is among the best-performing cryptocurrencies in the meanwhile, rising by greater than 16% over the previous 24 hours.
Regardless of its current rally, Litecoin has struggled to interrupt previous the $250 resistance stage. On the time of writing, LTC is up by 16.3% and is buying and selling at $244.10 per coin. Nevertheless, if it maintains the present momentum, then it may rally previous the $250 resistance stage over the subsequent few hours.
Key ranges to look at
The LTC/USD 4-hour chart is presently bullish, regardless of being 40% down from its present all-time excessive value. The technical indicators such because the MACD line and the relative power index are all bullish, indicating that the coin may rally larger over the approaching hours.
Litecoin’s pivot stage is round $220, and after surpassing it, LTC may probably rally larger earlier than the tip of the day.
What to anticipate
LTC may look to surpass the $250 stage over the subsequent few hours. The cryptocurrency has steered away from the $220 resistance stage and is presently buying and selling above the $244 mark. It might want to surpass the primary main resistance stage at $248 if it desires to achieve $250.
Surpassing the $250 level would permit Litecoin to make a transfer in direction of its second main resistance stage at $259. Except there’s an prolonged bullish run, Litecoin may discover it laborious to push previous the $265 stage over the subsequent few hours.
On the flip aspect, LTC may retrace after its rally and dip in direction of the $235 help stage. Additional correction in direction of the $220 pivot will solely occur if there’s an prolonged sell-off throughout the broader cryptocurrency market.