Litecoin Gains 15%, Approaching Key Resistance Amid ETF Optimism
Litecoin (LTC) has seen a 15% increase, trading at $130, bringing its market cap close to $10 billion. This move positions LTC within the top 20 cryptocurrencies. The upcoming Litecoin ETF decision has contributed to this bullish sentiment.
LTC Price Analysis
- LTC is nearing a resistance zone between $135 and $140, previously defended by bears.
- Current price movements show shorter-term moving averages crossing above longer-term ones, indicating bullish momentum.
- The Relative Strength Index (RSI) stands at 62, suggesting room for further growth before reaching overbought levels.
- A breakout above $140, supported by strong volume, could lead to a rise toward $200.
Analyst Captain Faibik highlights LTC's potential breakout from a long-term symmetrical triangle pattern, with a possible rally to $750.
Litecoin ETF and Market Sentiment
- Investor optimism grows with the potential approval of a Litecoin ETF.
- Major asset managers like Grayscale, CoinShares, and Canary Capital have filed or updated ETF applications with the SEC.
- Canary Capital's recent filing amendments increase speculation about potential approval.
- Polymarket data shows a rise in ETF approval odds from 66% in July to 95% currently.
Analysts believe ETF approval could attract institutional capital and enable traditional investors to gain LTC exposure without direct custody.