Today we saw a massive surge in the Litecoin price, with the Altcoin breaking through the $245 ATH and printing a new high as we predicted in our previous analysis Altcoin Boom: Litecoin Playing Out As Predicted. Surge To $250 Next!
In this analysis, we will be talking about the support level that we are currently watching and what you might expect the LTC/USD price to do in the coming days.
Watch The Bounce
The Litecoin price is currently re-testing the $245 price region after breaking through it earlier today. This retest is a very bullish sign for Litecoin and if we see a bounce there is a very high probability that bullish momentum will surge, pushing Litecoin up to the $300 region in the coming days.
Any Bearish Scenarios?
Litecoin is looking very bullish right now and there is a 80% to 90% chance that we might see price keep surging in the coming days. However, the $245 support level is the key price level to keep an eye out for in the coming days.
A price break and close back below this level could see weakness come into the Litecoin market. This weakness might cause the LTC/USD price to the range for a bit or sell-off, but this does not necessarily mean a bearish signal or an end of the Litecoin bull run.
Looking For More Trading Ideas?
We analyzed the Bitcoin chart on our Youtube channel, where we talk about the converging triangle pattern forming and how to take advantage of the breakout in the coming days!
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