Recent trends suggest that Litecoin might be on the brink of a major increase, with similarities to XRP’s recent rally. Analysts have noted this comparison between LTC and XRP, sparking a surge of interest. This is backed up by investor activities, with a significant increase in the average balance for LTC wallet addresses. In the past 24 hours, Litecoin has seen an 18.31% leap, and a massive surge in trading volume by 305.15%.
The prediction that Litecoin’s pricing might mimic that of XRP is supported by AMBCrypto. Analyst Moonshilla also identifies a pattern in LTC’s price trends that strongly resembles XRP’s behavior during its $0.40 and $0.60 trading stage. If this pattern continues, Litecoin could potentially experience a rally equivalent to 3.5 times or more, reminiscent of its May 2021 bull market peak.
Analyst Tony, who previously successfully predicted XRP’s major price breakout, has noted similar conditions for Litecoin. According to his analysis, LiteCoin’s pricing is hovering near the outer band of Bollinger Bands on the monthly chart, mirroring XRP’s state just before its rally.
Bollinger Bands, which consist of a central moving average and two outer bands, are a popular tool to gauge market volatility, expand or contract based on price volatility. The widening of these bands suggests increased volatility that often sets the stage for an upward price movement.
Furthermore, evidence from IntoTheBlock and Coinglass indicates amplified buying activity of LTC among spot and derivative traders. The Average Balance, a measure of the mean amount of LTC held across addresses, is escalating, suggesting growth in accumulation. Coupled with significant short liquidation of $5.51 million reported by Coinglass, these factors signal a potential Litecoin rally in near future.