Litecoin price shows bullish signs, with analysts predicting a 5x rally past $600. This bullish outlook follows a recent surge in Litecoin’s open interest to an all-time high of $765M per Coinglass. At press time, OI had dropped to $711M, but it remained at range highs.
LTC price today trades at $123 at press time, retreating slightly from a daily high of $126.
Litecoin Price vs. XRP: Is LTC Primed to Hit $600?
Analyst Charting Guy on X shared a relative performance analysis comparing Litecoin against XRP in the last seven years. Per the chart, LTC and XRP have been following the same trend, with matching peaks and lows.
If this historical trend holds, LTC price will likely record a similar rally to XRP, and surge to between $600 and $800.
Besides the price, Litecoin and XRP also share similarities in their macro trends. The two assets have joined the race for a US-listed spot exchange-traded fund (ETF). As Coingape reported, Bloomberg analysts predict that Litecoin will be the next spot altcoin ETF after Ethereum.
Blockchain-based betting site Polymarket has also seen the odds of approval for a spot Litecoin ETF surge to 84%.
This Pattern Might Leave LTC Price Rangebound
Litecoin price forecast using IntoTheBlock’s exchange netflow data suggests that the altcoin could continue trading rangebound in the next three months.
According to the analysis, Litecoin traders have been capitalizing on price volatility to make profits. These traders are withdrawing LTC from exchanges or accumulating during dips while ramping up deposits during rallies.
A continuation of this trend could result in LTC price being stuck in the $90-$130 zone, with no clear breakout to the upside or the downside.
What’s Next for LTC?
Litecoin is trading within a parallel ascending channel on its 4-hour chart, indicating that bulls remain in control. However, a bullish continuation will depend on Litecoin price defending support at the lower trendline.
The drawdown below the midline of this ascending channel shows that the bullish momentum is weakening. Moreover, the Chaikin Money Flow (CMF) has dropped to -0.25 showing a surge in selling pressure.
The Relative Strength Index (RSI) below 50 indicates bearish momentum. However, the RSI was tipping north and converging with the signal line, suggesting that buying momentum is gradually increasing.
Litecoin traders should closely watch the support level at $120, as a dip below the lower trendline could halt the bullish trends. Conversely, a run up past $130 could set the stage for a strong uptrend.
The post Litecoin Price Action Follows XRP, Analyst Forecasts LTC To Target $600-$800 appeared first on CoinGape.