Litecoin has been caught in the highly bullish tailwind that has been created by Bitcoin’s massive surge to the mid-$8,000 region, which has allowed LTC to surge another 5 percent close on the heels of its recent multi-day uptrend.
This climb has come about after a slow upwards grind experienced by the altcoin markets over the past week, and LTC has been able to put some serious distance between its recent lows of under $40 and its current price.
Analysts are now noting that – assuming history repeats itself – Litecoin could be close to posting another parabolic rally that allows it to significantly outperform both Bitcoin and the aggregated crypto markets.
Litecoin Climbs 5 percent as Recent Uptrend Turns Vertical
At the time of writing, Litecoin is trading up over 5 percent at its current price of $48, which marks a notable surge from its weekly lows of $39 that were set concurrently with Bitcoin’s drop to $6,800.
In the time since this drop, LTC has been able to slowly climb from these lows until it reached roughly $43, which is when this uptrend turned vertical as the crypto swiftly moved to $48, which appears to be a slight level of resistance for the cryptocurrency.
While looking towards Litecoin’s 90-day trading period, it is clear that there is significant potential upside, as it is currently trading down from highs of $63. It is important to note that after it began descending from these levels, bears were able to establish the area surrounding $50 as a resistance region.
Could LTC Be Close to Going Parabolic?
Litecoin is one of many cryptocurrencies that tend to undergo highly exaggerated parabolic cycles that occur over a short period of time, with its last parabolic run occurring in late-June when it surged to highs of $130 in tandem with Bitcoin’s rise to $13,800.
History may signal that LTC is close to undergoing a similar type of rally in the near-term, and TraderXO – a popular crypto analyst on Twitter – explained in a recent tweet that it must first reclaim roughly 0.006 BTC for this type of rally to occur, which is just a hair above its current price of 0.0057 BTC. He said pointing to the chart seen below:
“LTC – Long scenario – waiting for reclaim, trigger.”
If Bitcoin continues climbing higher in the near-term, the tailwinds stemming from its momentum could be enough to propel Litecoin above 0.006 BTC, potentially allowing the crypto to post an insane rally.
The post Data shows Litecoin may be ready to go parabolic as crypto markets incur massive momentum appeared first on CryptoSlate.
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