Litecoin is Ready for a Parabolic Rally, According to Top Analyst
Litecoin (LTC) could be on the verge of a parabolic and continuous surge, according to an analysis by "DonAlt".
A crypto analyst named “DonAlt”, who has a significant following on YouTube, shared his latest views on the market.
DonAlt is a well-respected crypto trader, and his comments and analysis are followed by his 47,200 YouTube subscribers. While his predictions are not always on point, his followers trust his expertise and insights on the market.
He believes that Litecoin could be on the cusp of a parabolic surge.
Litecoin predicted to double in price
DonAlt believes that the Litecoin (LTC) token has the potential to more than double its current price rather quickly.
He explains that the token has been rising slowly on a weekly timeframe, similar to Bitcoin when it was at around $17,000. He says the trend is getting steeper, which he likes, and he thinks it could turn into a parabolic surge.
Outperforming Bitcoin and Ethereum
DonAlt also highlights that Litecoin has significantly outperformed the two largest cryptocurrencies by market capitalization after the crypto market bottomed in November 2021.
At the time of writing, Litecoin is worth $99.3, and it has gained more than 60% from the bottom, compared to Bitcoin’s 45% gain and Ethereum’s 47% rise.
READ MORE: Bitcoin Making a Major Trend Shift, According to Analyst
Bitcoin is consolidating for a break to the upside
In addition to his comments on Litecoin, DonAlt also says that BTC is consolidating at its current price level and may soon break to the upside.
He says that the consolidation on the weekly timeframe is more confident than any other consolidation he has seen. If Bitcoin moves above $24,000 a couple of times, it will push higher, potentially aggressively.
He also likes that Bitcoin is consolidating at the resistance, which gives it more room for growth.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
