Litecoin (LTC) price analysis: Will it be like XRP?

After XRP's staggering rally, attention turns to major altcoins, with Litecoin (LTC) approaching a potential breakout.

The cryptocurrency market left behind a November full of rises. The top 100 altcoins in terms of market value made striking increases. One of these altcoins, XRP, recorded an increase of over 300 percent. Major altcoins such as XLM and ALGO also accompanied the rally performed by XRP.

The continuation of the major altcoin rally has become a matter of curiosity. Coinpedia examined Litecoin, an altcoin that has not yet realized its potential rise. According to the analysis, LTC approached a significant resistance level before the rally.

Litecoin (LTC) analysis

According to the analysis prepared by Coinpedia, Litecoin (LTC) entered the last curve before the bullish rally. The popular altcoin is testing the resistance point at 128 dollars.

LTC, which has entered a potential uptrend, gained nearly 20% in the last 24 hours. LTC entered the fifth consecutive positive week by surpassing the $111 resistance and closed last week above $119.61. This closure whetted the appetite of LTC bulls. The $128 level was indicated as an important resistance point for LTC, which reached the $122 level during the day.

The analysis included the following statements;

"While the market expects the breaking of the 23.60% Fibonacci level, the upward price target is expected to be $218."

According to the analysis, if the resistance point at $128.16 is exceeded and sustainability above the mentioned resistance is ensured, a potential rally may begin. In the rally, LTC's next target could be $218. If the popular altcoin also surpasses the $218 resistance, it could target $300. On the other hand, LTC could pull back to $100 if selling pressure increases.

According to historical data, the horizontal trend in LTC price trend has resulted in an uptrend in the last two years.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.