Currently Litecoin rank #7 with 60.67 USD price with -1.48% in change so the chance that it will still go down is pretty high. But what I can suggest is to buy whatever the price of LTC during or one day after Chinese new year as there is a big chance that it will be your last chance to buy LTC in low price.
Lol, the magic of the Chinese new year that always supposedly fixes things. It could be justified for the price up movement as well if people bought that to celebrate it. But honestly, i think the price might have bounced because markets thought it was the bottom.