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Crypto analyst Tony Severino said Litecoin is about to pull an XRP, suggesting the coin could soon experience a parabolic rally. The analyst hinted at a bullish indicator on the LTC chart, which indicated that the crypto could witness this parabolic rally.
Litecoin is about to launch an XRP, here’s why
In an X post, Tony Severino said that Litecoin is on the verge of pulling an upper Bollinger band. This suggests that LTC has undergone the necessary price correction and is now well poised for a bullish reversal. The analyst’s accompanying chart showed that an uptrend was already forming for the crypto on the monthly chart.
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Severino did not provide a price target for how high Litecoin could rise if this move to the upside occurs. However, the chart showed that the $150 and $300 price levels were in sight, a rally that could ultimately pave the way for LTC to recover to current levels. all-time high (ATH) of $412. It is worth mentioning that the crypto analyst had also recently made a similar analysis for XRP.
Previously, Severino said that XRP is just above the monthly upper Bollinger Band, just as BB width expands after the tightest squeeze in XRP history. He added that this will bring shock and awe. Since then XRP enjoyed it a parabolic rally of over 200% and is now above $2, a level that could surpass the crypto according to the analyst’s chart.
Therefore, this Litecoin analysis is undoubtedly one to watch as the crypto analyst predicts that LTC will yield an XRP. Litecoin has yet to enjoy its bull run, although it already appears to be catching up as it has risen more than 24% in the past seven days.
The next Dino Coin to use?
Like Severino, crypto analyst Crypto Snorlax has also suggested that Litecoin will be nextDino coin‘ to witness a parabolic rally. In one X messagethe analyst highlighted a chart overlaying the price action of XRP versus LTCs. Based on this analysis, Crypto Snorlax revealed two interesting findings.
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First, he noted that there is a strong correlation between old altcoins. Of XRP withdrawal a 5x price increase from the low range, the analyst expects Litecoin to follow soon. Secondly, Crypto Snorlax revealed that Litecoin broke just above $115, an 18-month resistance.
Therefore, Litecoin is well poised for a significant rally has reversed this resistance to support. The analyst’s accompanying chart showed that LTC could enjoy a price increase of up to 3x and even reach $450, which would mark a new ATH for the crypto.
At the time of writing, Litecoin is trading around $121, up over 20% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com