2024-12-8 23:48 |
XRP demonstrated impressive strength on Friday, even amid a sharp pullback following its recent rally to all-time highs, signaling robust market momentum.
On Tuesday, the crypto asset reached a high of $2.91, breaking through several key resistance levels, including $0.85 and $1.95 over the past 30 days. Notably, the asset has surged by 40% in the last week and has experienced explosive growth of 326% over the past 30 days. This surge has been fueled by growing bullish sentiment and optimism surrounding its ongoing legal battle and the broader recovery in the cryptocurrency market.
That said, as XRP continues its ascent, analysts are focusing on the next asset that could mirror such explosive growth. Notably, veteran analyst Peter Brandt recently suggested that Litecoin (LTC) could follow a similar trajectory.
In a recent tweet, the trader shared a chart with his followers, asking, “Can $LTC pull another XRP?” The chart highlighted a significant breakout above the key resistance level of $115, suggesting the potential for LTC to rally toward the $420 range, making a notable 250% surge in value from current prices.
That said, Brandt’s prediction aligns with a rising number of analysts who believe LTC is poised for a major rally. An analyst known as ‘SURF’ pointed to a long-term symmetrical triangle on Litecoin’s chart, projecting a breakout that could propel LTC to $5,000.
Like XRP’s recent breakout from a seven-year symmetrical triangle, Litecoin’s prolonged consolidation could signal an imminent, explosive price movement reminiscent of XRP’s dramatic surge.
Meanwhile, in a tweet to his 110,000 X followers, analyst “CRYPTOWZRD” noted that Litecoin closed with indecisive price action on Thursday, which he believes sets the stage for potential upside movement toward the $149 resistance level. He said a breakout above this could trigger a sharp parabolic rally, possibly reaching $180 or higher. He also identified the $123 level as the key daily support target and plans to look for a quick scalp trading opportunity in the near term.
These forecasts come on the back of a notably impressive performance from Litecoin, which has surged by approximately 36.71% over the past week. From a technical perspective, Litecoin shows promising signs of a potential rally. The Relative Strength Index (RSI) is trending upwards but remains below overbought levels, indicating room for further gains. The Moving Average Convergence Divergence (MACD) has shown a bullish crossover, with its histogram indicating increasing momentum. Volume trends also highlight growing interest among buyers.
At press time, LTC was trading at $133, reflecting a 0.89% increase over the past 24 hours.
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