With the Bitcoin price ranging and struggling around the $60,000 price level, we can see investors looking for opportunities in the Altcoin market. This as led to a Altcoin boom and the LTC/USDT pair is one of the major Altcoins taking advantage of this bull run.
Right now Litecoin is playing out as predicted, trading around $229. We talked about this Altcoin in a previous analysis while the price was still trading around $196 within a converging triangle pattern. Litecoin Getting Ready To Explode! Watch This Level
That bullish prediction has played out exactly with the Litecoin price breaking out of the converging triangle pattern it has been trading in and then pulling back to retest that top of the triangle.
This price movement confirms our bullish bias on the LTC/USDT pair and opens the way for a further rally deep into the $250 levels in the coming days.
However, for this bullish rally to occur we need to see the Litecoin price break into new highs. And right now, the bears are holding the level fiercely.
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Litecoin Building Momentum
The Litecoin price is running into major resistance at the $245 ATH. Every time the price gets there, we see a strong rejection back down to the $200 price region.
This does not mean that Litecoin is weak or the bullish run has ended. Instead, it shows us the steady rate of momentum accumulation going on in the Litecoin chart.
If this momentum pushes the Altcoin price to the upside, there is a very high probability that we might see a price surge and breakthrough into new ATHs soon.
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