Litecoin (LTC) price analysis: Will it be like XRP?

While all eyes are on major altcoins after XRP's jaw-dropping rally, #Litecoin ($LTC ) is approaching a potential breakout.

The cryptocurrency market left behind a November full of increases. The top 100 altcoins by market value made striking increases. One of the altcoins in question, XRP, increased by over 300 percent. Major altcoins such as #XLM and $ALGO also accompanied the rally made by $XRP .

It has become a matter of curiosity whether the major altcoin rally will continue. Coinpedia examined Litecoin, an altcoin that has not yet realized its potential rise. According to the analysis, LTC approached a significant resistance point before the rally.

According to the analysis prepared by Coinpedia, Litecoin (LTC) entered a final bend before the bullish rally. The popular altcoin is about to test the resistance point at $128.

LTC, which has entered a potential uptrend, has gained nearly 20 percent in the last 24 hours. #LTC entered its fifth consecutive positive week. Breaking the $111 resistance, LTC closed last week above $119.61. This closing whetted the appetite of LTC bulls. An important resistance point for LTC, which was based on $122 levels during the day, was pointed to at $128.

The analysis included the following statements; “While the market is waiting for the 23.60 percent Fibonacci level to be broken, the upward price target is expected to be $218.”

According to the analysis, a potential rally may begin if the resistance point at $128.16 is broken and the resistance in question is maintained. In the rally, LTC's next target may be $218. The popular altcoin could target $300 if it breaks the $218 resistance. On the other hand, LTC could retreat to $100 if selling pressure increases.

According to historical data, the horizontal trend in the LTC price trend for the last two years has resulted in an increase.