Data shows Litecoin may be ready to go parabolic as crypto markets incur massive momentum

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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.”

Image Courtesy of TraderXO

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.

Litecoin | LTC

Updated: Jan 8 at 2:23 am UTC
$47.52
4.53%

Litecoin, currently ranked #6 by market cap, is up 4.53% over the past 24 hours. LTC has a market cap of $3.03B with a 24 hour volume of $3.73B.

Chart by CryptoCompare

Litecoin is up 4.53% over the past 24 hours.

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