Crypto analyst Tony Severino said Litecoin is expected to issue XRP soon, suggesting the coin could soon enjoy a parabolic rally. The analyst cited bullish indicators on the LTC chart, which showed that the cryptocurrency could witness such a parabolic rally.
Litecoin is planning to launch XRP. Here’s why:
In the X post, Tony Severino pointed out that Litecoin will soon mint This means that LTC has undergone the necessary price correction and is now well-poised for a bullish reversal. The analyst’s accompanying chart showed that a bullish sentiment is already forming for the cryptocurrency on the monthly chart.
Severino did not provide a price target for how high Litecoin could rise when such an upward move occurs. However, the chart shows expected price levels of $150 and $300, which could ultimately pave the way for LTC to rise to its current all-time high (ATH) of $412. It is worth mentioning that a cryptocurrency analyst recently performed a similar analysis for XRP.
Previously, Severino noted that XRP is just above the monthly upper Bollinger Band as BB Width expands from the tightest squeeze in XRP history. He added that this would evoke shock and awe. Since then, XRP has enjoyed a parabolic rally of over 200% and has now surpassed $2, a level that the cryptocurrency could surpass, according to analysts’ charts.
Therefore, as cryptocurrency analysts predict that LTC will bring XRP, this Litecoin analysis is undoubtedly one to watch. Litecoin already appears to be catching up, considering it is up more than 24% in the past seven days, but it is yet to enjoy its bull run.
When will the next Dino Coin launch?
Like Severino, cryptocurrency analyst Crypto Snorlax also suggested that Litecoin will be the next ‘Dino coin’ to witness a parabolic rally. In the X post, the analyst highlighted a chart that overlays the price action of XRP on LTC. Based on this analysis, Crypto Snorlax revealed two interesting results.
First, he noted that there is a strong correlation between older altcoins. Analysts expect Litecoin to soon follow, with XRP recording a 5x price increase from the low end of its range. Second, Crypto Snorlax reported that Litecoin broke the 18-month resistance level of $115.
Therefore, Litecoin is poised to turn this resistance into support and see a significant uptrend. According to the analyst’s attached chart, LTC could enjoy a price increase of up to 3x and could reach up to $450, which would be a new ATH for the cryptocurrency.
As of this writing, Litecoin is trading around $121, up more than 20% in the past 24 hours, according to data from CoinMarketCap.
Source: NewsBTC.com