- LTC price respond positively to crypto market massive momentum
- LTC Parabolic trend- Will history repeat itself?
Litecoin appears to be benefiting from the highly bullish momentum that has been established by BTC’s massive surge in the mid-$8,000 regions. This surge has influence LTC to increase with another 5% of its recent multi-day uptrend. The surge came after a gradual upward grind faced by the altcoin markets over the past week. LTC has been able to leave a gap between its recent lows of under $40 and its current price.
Litecoin (LTC) Price Today – LTC / USD
Sharing their views on the price movement, Analysts are presuming that should history repeat itself, LTC could be close to posting another rally that permits it to majorly outdo both Bitcoin and the whole crypto markets. Currently, LTC is ranked no. 6 by market cap, the coin is up with 4.53% over the past 24 hours. LTC has a market cap of $3.03B with a 24-hour volume of $3.73B.
LTC is trading up over 5% at its current price of $48, which marks a substantial surge form its weekly lows of $39 that wet established alongside with BTC’s decline to $6,800. Since the decline, LTC has been able to gradually surge pull from these lows until it attained about $43. At this level is when the uptrend turned upright as the coin instantly changes to $48, which seems to be a minor level of resistance for the coin.
While looking towards LTC’s 90-day trading period, it is obvious that there is a major prospective upside, as the coin is currently trading down from highs of $63. It is noteworthy that after it started declining from these levels, the bears were able to form the area surrounding $50 as a resistance zone.
LTC Parabolic – Will History Repeat Itself?
LTC is among the cryptocurrencies that are liable to undergo highly inflated parabolic cycles that happen over a short period. The last parabolic cycle happened in late-June when the price of the coin increased to highs of $130, reacting to BTC’s surge to $13,800. Bearing the past occurrence in mind, it appears LTC is close to undergoing a similar kind of rally in the near-term.
TraderXO, a prominent crypto analyst on Twitter stated in a recent tweet that LTC must first recover about 0.006 BTC for this kind of rally to happen. He went thus: “LTC – a Long scenario – waiting for reclaim, trigger.” If BTC’s price surge persists in the near-term, the impact from the bullish momentum could be enough to push LTC above 0.006 BTC, also allowing the crypto to post a ridiculous rally.