Crypto Analyst Predicts Litecoin Will Experience Parabolic Rally
Crypto analyst Tony Severino indicated that Litecoin (LTC) may experience a significant rally similar to XRP's recent performance. He pointed out a bullish signal on LTC’s chart, suggesting the coin is positioned for a parabolic rise.
Litecoin's Potential Rally
Severino noted that Litecoin has surpassed the monthly upper Bollinger Band, indicating it has completed a necessary price correction and is set for a bullish reversal. His analysis included a chart showing an upward wick forming on the monthly chart.
While no specific price target was provided, the chart suggested potential price levels of $150 and $300, with an ultimate goal of reaching its all-time high (ATH) of $412. Severino had previously made a similar prediction for XRP, which has since risen over 200% and surpassed the $2 mark.
Currently, Litecoin has increased by over 24% in the past week and appears to be gearing up for a bull run.
The Next Dino Coin?
Similarly, analyst Crypto Snorlax identified Litecoin as a potential ‘Dino coin’ poised for a parabolic rally. In an X post, he analyzed the correlation between Litecoin and XRP's price actions.
He emphasized two key findings: a strong historical correlation between older altcoins and that Litecoin recently broke above $115, a resistance level not seen for 18 months. This break suggests Litecoin could see a price increase of up to 3x, potentially reaching $450, marking a new ATH.
As of now, Litecoin is trading around $121, reflecting a 20% increase in the last 24 hours, based on data from CoinMarketCap.
