Cryptocurrency analyst Tony Severino states that Litecoin is about to rise to XRP, indicating that this token may soon experience a parabolic rebound. The analyst mentioned bullish indicators on the LTC chart, suggesting that the cryptocurrency might undergo such a parabolic rebound.
Litecoin is about to launch XRP for the following reasons.
In a post on X, Tony Severino stated that Litecoin is about to rise to XRP and noted that this cryptocurrency is currently above the monthly Bollinger Band upper band. This indicates that LTC has undergone the necessary price adjustment and is now fully prepared for a bullish reversal. The chart attached by the analyst shows that an upward trend for the cryptocurrency has formed on the monthly chart.
Severino did not provide a target price for how high Litecoin could rise when this upward trend occurs. However, the chart shows that price levels of $150 and $300 are in sight, and this rise could ultimately pave the way for LTC to reach its current all-time high (ATH) of $412. Notably, this cryptocurrency analyst also conducted a similar analysis on XRP recently.
Prior to this, Severino mentioned that XRP was slightly above the monthly Bollinger Band upper band, while the width of the Bollinger Band began to expand from the historically narrowest level for XRP. He added that this will be shocking. Since then, XRP has experienced a parabolic rise of over 200%, currently surpassing the $2 mark, and the analyst's chart indicates that the cryptocurrency could exceed this level.
Therefore, this Litecoin analysis is undoubtedly worth paying attention to, as the cryptocurrency analyst predicts that LTC will pull XRP. Litecoin has not yet enjoyed a bull market, although it seems to be catching up, considering it has risen over 24% in the past seven days.
What will be the next dinosaur coin to run?
Like Severino, cryptocurrency analyst Crypto Snorlax also believes that Litecoin will be the next 'dinosaur coin' to experience a parabolic rebound. In a post on X, this analyst highlighted a comparison chart of the price movements of XRP and LTC. Based on this analysis, Crypto Snorlax revealed two interesting findings.
First, he points out that there is a strong correlation between old altcoins. As the price of XRP has increased fivefold from the bottom, the analyst expects Litecoin to follow suit soon. Secondly, Crypto Snorlax reveals that Litecoin has just broken through the $115 mark, which has been a resistance level for 18 months.
Therefore, Litecoin is well-prepared for a significant rise as it has turned this resistance level into a support level. The analyst's attached chart shows that the price of LTC could triple, reaching as high as $450, marking a new high for the cryptocurrency.
According to CoinMarketCap data, at the time of writing, Litecoin is trading at approximately $121, having increased by over 20% in the past 24 hours.
