A popular cryptocurrency analyst said that Litecoin's (CRYPTO: LTC) recent price surge is indicative of a massive breakout.
What Happened: According to pseudonymous crypto analyst Kaleo, Litecoin's recent surge appears to be "the real deal" as it has been "long overdue for a solid pump". Kaleo tweeted, "Litecoin isn't done".
Kalo explains that LTC has long periods in which it slowly moves down, followed by quick pumps, "when everything else is bearish."
See More: Best Crypto Apps
The analyst said that Dogecoin (CRYPTO: DOGE) and LTC are always a "buy when it's boring" during bull runs because these cryptocurrencies surge. "Be patient, sell when it has a massive pump."
Alright, starting to believe this is the real deal for $LTC / $BTC.
— K A L E O (@CryptoKaleo) November 23, 2022
It's long overdue for a solid pump.
Here's how Litecoin works - long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish. pic.twitter.com/OV9w45ml6H
Litecoin recently surpassed Solana (CRYPTO: SOL) in terms of market capitalization, with the latter's price tumbling as a consequence of the cryptocurrency exchange FTX's collapse.
Price Action: LTC is trading at $77.28, up 0.09% in the last 24 hours, according to Benzinga Pro.
Read Next: Ethereum Transactions Are At 4-Month Low, But Whales Keep Accumulating