Litecoin Price Rises 7% Amid 90% Odds of Spot ETF Approval
Litecoin (LTC) Price Surge
LTC price increased over 7% on Thursday, outperforming the CoinDesk 20 Index, which rose about 4%. Approval chances for a spot Litecoin ETF have risen to 90%, with a deadline of October 2nd that may expand LTC's institutional investor base and drive price growth.
Technical Analysis Highlights
- LTC-USD showed volatility with a 7.51% range ($81.82-$88.03), establishing support around $84.00.
- Price formed an ascending channel, reclaiming the $86.00 level in the last 48 hours.
- Strong buying interest noted at key Fibonacci retracement levels during recovery.
- Current momentum indicates potential upward movement toward $88.50 resistance, with $85.50 as support.
- LTC recovered from the mid-$86 range to above $87.19 after forming a higher low at $86.36.
- Strong buying occurred between 14:14-14:17 UTC, reclaiming the $87.00 level.
- The final hour exhibited increasing momentum, closing at $87.19 just below $87.25 resistance.
- A bullish structure with declining selling pressure supports potential continuation toward $88.00 if $87.00 holds.