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Crypto analyst Tony Severino said Litecoin is trying to pull XRP higher, suggesting the coin could soon enjoy a parabolic rally. The analyst hinted at bullish indicators on LTC’s chart indicating that the cryptocurrency could witness this parabolic rally.
Litecoin is trying to pull XRP, here's why
In the X post, Tony Severino said that Litecoin is about to pull XRP, noting that the cryptocurrency is currently above the top of the monthly Bollinger Bands. This suggests that LTC has undergone a necessary price correction and is poised for a bullish reversal. A chart attached by the analyst showed that the cryptocurrency is already starting to move higher on the monthly chart.
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Severino did not provide a target price for how much Litecoin would rise in the event of this bull market. However, the chart shows that the $150 and $300 price levels are on the horizon, potentially paving the way for LTC to eventually rise to its current high (ATH) of $412. be. It is worth mentioning that a crypto analyst recently conducted a similar analysis on XRP.
Previously, Severino said that XRP is just above the top of the monthly Bollinger Band, just as the BB width is widening from the most severe squeeze in XRP history. This will bring shock and awe, he added. Since then, XRP has seen a parabolic rise of over 200% and is currently above the $2 mark, with analyst charts showing that it could break above this level.
Therefore, this Litecoin analysis is definitely one to watch as crypto analysts predict LTC to pull XRP. Litecoin has yet to enjoy a bull run, but it looks like it is already catching up, considering it is up over 24% in the past seven days.
Which Dinocoin will be executed next?
Similar to Severino, cryptocurrency analyst Crypto Snorlax also suggested that Litecoin will be the next “dinosaur coin” to witness a parabolic rise. In the X post, the analyst highlighted a chart that overlays the price movement of XRP on top of the price movement of LTC. Based on this analysis, Crypto Snorlax revealed two interesting findings.
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First, he pointed out that there is a strong correlation between older altcoins. With XRP registering a 5x price increase from its lowest price point, analysts expect Litecoin to follow soon. Next, Crypto Snorlax revealed that Litecoin has broken above the 18-month resistance level at $115.
Therefore, Litecoin is well poised to flip this resistance into support and head for a significant rally. The analyst’s attached chart shows that LTC could enjoy up to a 3x price increase and reach up to $450, which would mark a new ATH for the cryptocurrency. Masu.
At the time of writing, Litecoin was trading around $121, up more than 20% in the past 24 hours, according to data from CoinMarketCap.
LTC reverses on bullish momentum | Source: LTCUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
