2024-12-2 11:00 |
Crypto analyst Tony Severino said Litecoin is about to pull an XRP, suggesting that the coin could soon enjoy a parabolic rally. The analyst alluded to a bullish indicator on LTC’s chart, which showed that the crypto could witness this parabolic rally.
Litecoin Is About To Pull An XRP, Here’s WhyIn an X post, Tony Severino said that Litecoin is about to pull an XRP, noting that the crypto is now above the monthly upper Bollinger Band. This suggests that LTC has undergone the necessary price correction and is now well-primed for a bullish reversal. The analyst’s accompanying chart showed that a wick to the upside was already forming for the crypto on the monthly chart.
Severino didn’t give a price target for how high Litecoin could rally when this move to the upside occurs. However, the chart showed that the $150 and $300 price levels were in view, a rally that could ultimately pave the way for LTC to rally to its current all-time high (ATH) of $412. It is worth mentioning that the crypto analyst had also recently made a similar analysis for XRP.
Before now, Severino mentioned XRP is just above the monthly upper Bollinger Band just as BB Width expands from the tightest squeeze in XRP history. He added that this is going to shock and awe. Since then, XRP has enjoyed a parabolic rally of over 200% and is now above the $2 mark, a level the analyst’s chart showed the crypto could surpass.
Therefore, this Litecoin analysis is undoubtedly one to watch since the crypto analyst predicts that LTC will pull an XRP. Litecoin has yet to enjoy its bull run, although it already looks to be catching up, considering it is up over 24% in the last seven days.
The Next Dino Coin To Run?Like Severino, crypto analyst Crypto Snorlax has also suggested that Litecoin will be the next ‘Dino coin’ to witness a parabolic rally. In an X post, the analyst highlighted a chart overlaying XRP’s price action over LTC’s. Based on this analysis, Crypto Snorlax revealed two interesting findings.
Firstly, he noted that there is a strong correlation between old altcoins. With XRP recording a 5x price increase from its bottom range, the analyst expects Litecoin to follow shortly. Secondly, Crypto Snorlax revealed that Litecoin just broke above $115, an 18-month resistance.
Therefore, Litecoin is well primed for a significant rally, having flipped this resistance to support. The analyst’s accompanying chart showed that LTC could enjoy up to a 3x price increase and reach as high as $450, which would mark a new ATH for the crypto.
At the time of writing, Litecoin is trading at around $121, up over 20% in the last 24 hours, according to data from CoinMarketCap.
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