Litecoin has struggled to break the $250 mark in recent weeks but could reach that level after gaining more than 16% today.
The cryptocurrency’s market capitalization climbed alongside a broad recovery across many coins over the past few days. Litecoin is among the top performers recently, rallying more than 16% in the last 24 hours.
Despite the recent surge, Litecoin has had difficulty clearing the $250 resistance level. At the time of writing, LTC is up 16.3% and trading at $244.10 per coin. If it maintains its current momentum, it could push past the $250 resistance within the next few hours.
Key levels to watch
The LTC/USD 4-hour chart is currently bullish, although the coin remains roughly 40% below its all-time high. Technical indicators such as the MACD line and the Relative Strength Index are pointing upward, suggesting the token could climb higher over the coming hours.
Litecoin’s pivot level sits near $220, and after clearing that zone, LTC could continue to rise before the end of the day.
What to expect
LTC may attempt to break the $250 level over the next several hours. The cryptocurrency cleared the $220 resistance and is trading above the $244 level. To reach $250, it must first overcome the immediate resistance near $248.
Clearing $250 could allow Litecoin to advance toward a secondary resistance level at $259. Unless a sustained bullish trend develops, Litecoin might struggle to surpass $265 in the short term.
On the downside, LTC could retrace after the rally and dip toward the $235 support level. A return to the pivot near $220 would likely only occur if there is a broader, prolonged sell-off across the cryptocurrency market.