Litecoin (LTC) Rally Predicted, Targets 38% Upside

Litecoin (LTC) has been experiencing a significant decrease in volatility, with a crypto analyst highlighting an unusual tightening in its bi-monthly

Litecoin (LTC) price has been displaying unusual technical behavior on a bi-monthly (2M) time frame, with a crypto analyst highlighting the potential for a parabolic breakout in sight. According to the analyst, Litecoin could be eyeing a price rally of up to 38% from a breakout point at $106, targeting a new bullish price point at $146.67.

Prominent crypto analyst Tony Severino shared a price chart on X (formerly Twitter) showing Litecoin’s price action on a bi-monthly time frame, applying Bollinger Bands as a technical indicator to measure a cryptocurrency’s price volatility. The Bollinger Bands examine market volatility by plotting an upper and lower band around a Moving Average (MA), which acts as a basis line.

In Litecoin’s case, Severino indicated that the cryptocurrency’s 2M Bollinger Band width is extremely narrow, underscoring a lack of or significantly decreased volatility. Historically, Bollinger Bands are known to expand during periods of high volatility and tighten at low volatility.

Severino’s Litecoin chart displays the upper Bollinger Band marked by the red line, the basis line by a blue line, and the lower band highlighted in the green area. The analyst disclosed that Litecoin’s candlesticks are currently positioned above the basis line at $83.3, indicating potential for bullish momentum.

If the price of Litecoin continues upwards and crosses the upper Bollinger band at approximately $130, Severino predicts that it could trigger heightened volatility and an explosive price breakout. Based on historical trends, an extremely narrow Bollinger Band often indicates a potential for a bullish trend reversal after a period of consolidation.

Severino’s analysis has pinpointed the upper BB at $130 as a crucial resistance area for Litecoin. A sustained break above this level on a high timeframe could pave the way for more gains, potentially pushing Litecoin significantly above its current market value of around $111.5.

According to CoinMarketCap, Litecoin has recorded modest gains, increasing by 6.14% in the past 24 hours. Over the past week, the prominent cryptocurrency has also experienced a higher increase of about 11.7% to its current level. To reach the critical resistance area at $130, Litecoin is required to rise by approximately 18% from its market price.

Litecoin Rally Predicted, Targets 38% Upside

In another analysis, crypto analyst Mike on X predicts that Litecoin is preparing for a breakout to a new price high, with an anticipated price rally of up to 38% from a breakout point at $106, targeting a new bullish price point at $146.67.

“Litecoin is gearing up for a breakout to a new price high, with an interesting technical formation pointing towards a potential move of about 38% from the breakout (around $106) to reach a new bullish target of $146.67. Litecoin has already broken through a key resistance at $102 and is approaching its next significant resistance at $122.77.”, stated the analyst.

The analyst’s price chart shows Litecoin breaking through the $102 resistance level with an indication of approaching critical resistance at $122.77. The chart also includes horizontal lines indicating critical resistance areas for Litecoin.

The crypto analyst also highlighted a key support zone at $99.91 that could serve as a safety net during a downtrend. In the event of a significant price drop below this support, the analyst points to the $86.97 and $74.43 price levels as the next potential support areas.