Both phrases are valid. Although, you should take note of when you will use these phrases with the help of the time difference found in the sentence.
"It looked like (something)" is using the verb "looked." Notice that there is "-ED" at the end of the word. This indicates that the verb is in its "Past Tense." You can use this phrase when "describing something you HAD seen in the past."
On the other hand, "It looks like (something)" is using "looks" which is in the "present tense" of the verb. Of course, this will be used when you are "describing something you are seeing -at that very moment.-"
I hope this helps! :)