The cryptocurrency sector is in a state of great uncertainty, and the leading cryptocurrency, Bitcoin (BTC), has been oscillating within the same range for days. Although it seems like this stagnation between 30,500 and 31,000 dollars negatively affects altcoins, this theory does not apply to all. Notably, Litecoin (LTC), known for its rally and halving prior to Bitcoin’s block reward halving, will continue to rise, according to one analyst.
The Rally for LTC Price May Begin
Renowned cryptocurrency analyst Michael van de Poppe has spoken very moderately and positively about LTC in his statement on Twitter. Poppe suggests that the upward trend in the LTC price will continue, indicating a return to the market’s previous performance.
In the graph he shared, Poppe stated that the LTC price could rise to 107 dollars following a minor break. Looking at this forecast, it appears that the critical resistance point is at 99 dollars. Moreover, it is anticipated that the price will fall from the current 99 dollars with a break and then rise with a swan neck formation.
Litecoin has increased by 2.7% within the last 24 hours and is currently trading at 99 dollars. While Poppe expects a decline first, then a rise, LTC might head directly to the target without a drop at this rate. LTC, the 11th largest cryptocurrency, could find itself in the 10th spot with a slight increase, potentially taking Solana‘s place.
XRP Could Ignite the LTC Rally
However, LTC must break the resistances left from previous rallies. The 110-dollar resistance is particularly critical and must be broken.
Although the significant break in the XRP price has generally affected altcoins, LTC has not yet felt its impact, and the situation is worth waiting for. After a day of record-breaking for the XRP price, LTC may be able to benefit from the sliding volume in the following days. The altcoin rally for LTC could result in a rise to its previous record price, and all conditions currently point to a general altcoin rally.
