Litecoin Gains 1.6% Despite Market Volatility and ETF Approval Hopes
Litecoin recovered from early losses, gaining 1.6% to trade above $84.6 after hitting a low of $82.69. This rebound occurred amid market volatility due to rising tensions in the Israel-Iran conflict, with a 62% probability of U.S. military action by month-end, according to Polymarket traders.
Key points include:
- Litecoin closed at $84.88, while the CoinDesk 20 index fell 0.5%.
- Support was established in the $83.48–$83.57 range, driven by increased buying volume.
- Resistance levels were noted at $85.60–$85.67, tested twice without breach.
- An ascending channel formed, indicating bullish momentum despite selling pressure.
Traders are monitoring the SEC's review of spot Litecoin ETF applications, with a 76% chance of approval this year based on Polymarket pricing.