Litecoin Approaches $260 After Rallying by More Than 19%

Litecoin is one of the best-performing coins amongst the leading cryptocurrencies but continues to struggle below the $260 mark.

Litecoin Rallies by More Than 18%

For a long time, Litecoin was one of the top ten cryptocurrencies by market cap. However, it has lost its place in recent months but still maintains its position as one of the top 20 cryptocurrencies in terms of market cap.

At press time, LTC is up by more than 19% over the past 24 hours and is trading around the $250 mark. LTC has struggled in recent months to top the $260 level despite reaching an all-time high of $410 a few months ago.

There is no major catalyst behind Litecoin’s latest rally, but investors have focused their attention on the cryptocurrency in recent days.

LTC Could Surge Past $260 Soon

Litecoin has been performing excellently in recent weeks. However, it has always found it hard to surpass the $260 resistance level. The current rally could see LTC surpass the $250 resistance level over the coming hours and even surge high.

The LTC technical indicators are currently bullish. Litecoin’s MACD line is deep within the bullish territory while its RSI above 73 shows that the rally could extend for the next few hours. Litecoin will need to move past the $257 resistance level if it stands to make a move towards $260 before the end of the day.

In the event of an extended rally, Litecoin could break past the second major resistance level at $263 over the next few hours. However, it would need the support of the broader cryptocurrency market to top the second major resistance level.

On the flip side, Litecoin could retrace back to the $240 level if the bulls are exhausted after the current rally. A slight dip could allow the bulls to replenish and push Litecoin’s price higher in the short term.