Crypto analyst Tony Severino has highlighted the potential for Litecoin to experience a dramatic upward movement similar to XRP's recent remarkable rally. According to Severino, a bullish indicator on Litecoin's chart suggests that the cryptocurrency could soon embark on a significant price surge.
In a recent analysis, Severino noted that Litecoin is currently positioned above the monthly upper Bollinger Band. This implies a necessary price correction has been completed, setting the stage for a potential bullish reversal. Accompanied by a chart illustration, Severino pointed out an emerging upward wick on Litecoin's monthly chart, indicating possible upward momentum.
Although Severino did not specify a precise price target, his analysis hints that Litecoin could climb to the $150 and $300 levels. Such a rally might eventually propel the cryptocurrency to its all-time high (ATH) of $412. It's noteworthy that Severino previously identified a similar pattern with XRP, which subsequently saw a parabolic rise exceeding 200%, crossing the $2 mark.
Given these insights, the current analysis on Litecoin stands as a critical observation. Severino suggests that LTC is poised for a rally akin to XRP's recent performance, with Litecoin already showing signs of catching up—evidenced by a 24% increase over the past week.
The notion that Litecoin may become the next 'Dino coin' to experience a parabolic rally is echoed by another analyst, Crypto Snorlax. In a post, he showcased a chart comparing XRP's price movements with Litecoin's and made some noteworthy observations.
Firstly, Snorlax highlighted a strong correlation among historical altcoins, pointing out that XRP experienced a fivefold price increase from its lower range. The analyst anticipates that Litecoin could follow a similar trajectory. Secondly, he noted that Litecoin has recently surged past an 18-month resistance level at $115, now transforming it into support.
Consequently, Snorlax's analysis reveals that Litecoin is strategically positioned for a substantial rally, with the potential to realize up to a threefold price increase, possibly reaching $450. This would mark a new ATH for the cryptocurrency.
As of the latest data from CoinMarketCap, Litecoin is trading around $121, registering a significant 20% increase over the last 24 hours.