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Renowned crypto analyst Tony Severino recently made a bold prediction about Litecoin, suggesting that the coin is on the brink of experiencing a parabolic rally similar to XRP. Severino pointed out a bullish indicator on LTC’s chart, hinting at the potential for this parabolic surge in the near future.
Litecoin’s Impending Parabolic Rally
In a recent post, Tony Severino highlighted that Litecoin is poised to replicate the success of XRP, as the crypto has surpassed the monthly upper Bollinger Band. This indicates that LTC has undergone a necessary price correction and is now positioned for a bullish reversal. The analyst’s chart revealed a promising uptick in LTC’s price on the monthly chart.
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While Severino didn’t specify a price target for Litecoin’s potential rally, the chart indicated that price levels of $150 and $300 are within reach, with a possibility of LTC surpassing its current all-time high (ATH) of $412. It’s worth noting that the analyst previously predicted a similar scenario for XRP.
Previously, Severino mentioned XRP’s positioning above the monthly upper Bollinger Band during a period of BB Width expansion, signaling a significant move. This prediction came true as XRP surged over 200% and crossed the $2 mark, surpassing the analyst’s projected level.
Hence, the forecast for Litecoin’s rally is one to keep an eye on, as Severino anticipates LTC mirroring XRP’s success. While Litecoin has yet to embark on its bullish journey, its recent 24% increase in the past week suggests it’s gearing up for significant growth.
Is Litecoin the Next Dino Coin to Rise?
Joining Severino in predicting Litecoin’s upward trajectory is crypto analyst Crypto Snorlax, who believes Litecoin will be the next ‘Dino coin’ to witness a parabolic rally. In a recent post, Crypto Snorlax compared XRP’s price action with LTC’s, unveiling some interesting insights.
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Crypto Snorlax emphasized a strong correlation between older altcoins, noting XRP’s 5x price surge and expecting Litecoin to follow suit shortly. Additionally, the analyst pointed out that Litecoin recently broke the $115 barrier, a resistance level persisting for 18 months.
With Litecoin now positioned above this key resistance turned support level, the stage is set for a substantial rally. Crypto Snorlax’s chart suggests that LTC could potentially triple in price, reaching as high as $450 and establishing a new ATH for the crypto.
As of the latest update, Litecoin is trading around $121, exhibiting a more than 20% increase in the past 24 hours, as per CoinMarketCap data.
Featured image created with Dall.E, chart from Tradingview.com