Data shows that Litecoin may be ready to become parabolic
Litecoin was hit by the strong bullish tailwind, which was caused by the massive increase in Bitcoin in the middle of the 8th. 000 – USD area was created, which allowed LTC to follow the recent multi-day uptrend by another 5 percent.
This rise is the result of a slow upward trend that the altcoin markets have seen over the past week, and LTC has been able to break below its recent lows of less than $ 40 and its current price a large distance.
Analysts are now finding that – assuming the story repeats itself – Litecoin could be on the verge of another parabolic rally, allowing it to significantly outperform both Bitcoin and the aggregate crypto markets.
Litecoin climbs 5 percent as the recent upward trend is vertical
At the time of writing, Litecoin is trading at $ 48, which is a notable increase from weekly lows from $ 39, which coincides with the drop in Bitcoin to $ 6. 800 were marked. Looking at the 90 day trading period of Litecoin, it is clear that there is significant upside potential.
Could LTC be about to become parabolic?
Litecoin is one of many cryptocurrencies that tend to go through exaggerated parabolic cycles that happen over a short period of time, with the last parabolic run taking place in late June, when LTC along with Bitcoin's rise to $ 13. 800 rose to a high of $ 130.
History could signal that LTC is about to experience a similar kind of rally, and TraderXO – a popular cryptanalyst on Twitter – said in a recent tweet that Litecoin was initially around 0, 006 BTC must recapture for this type of rally to take place, which is just above its current rate of 0, 0057 BTC lies.
“LTC – long scenario – waiting for recovery, trigger.”
$ LTC – Long scenario – waiting for reclaim, trigger… pic.twitter.com/uqtACuO7OB
– TraderXO (@ TraderX0X0) January 6 2020
Proof of text: cryptoslate