Litecoin Price Surges Nearly 50% Amid ETF Approval Speculation
Litecoin (LTC) is experiencing a bullish recovery, driven by speculation regarding the potential approval of an LTC ETF in 2025. Analyst Eric Balchunas has contributed to this optimism, leading to increased momentum among holders.
Price Analysis
- LTC price has risen nearly 50% from a weekly low of $92.51.
- The daily chart shows four consecutive bullish candles.
- A rounding bottom pattern has formed with a neckline at $138.
- Immediate targets include the psychological mark of $150 and resistance at $165.18.
- Potential target if market conditions favor a continuation is $208.
- Support level identified at $121.54.
The daily RSI indicates overbought conditions, suggesting strong bullish momentum. The MACD has provided a buy signal through a bullish crossover.
On-Chain Metrics
- Transaction volume increased from $6.44 billion to $8.9 billion.
- Daily active addresses rose from 337.63K to 353.82K.
- Non-zero addresses grew from 180K to 193.51K.
These metrics point to growing network activity and demand for Litecoin.
Resistance and Future Outlook
- Significant supply exists between $136.98 and $141.09, with 604.49K LTC held by about 50K addresses.
- Beyond this range, the path to $157.55 appears clearer.
- Continued recovery could enable testing of the Fibonacci target at $208.
In summary, with robust technical indicators and increasing network health, Litecoin is positioned for a potential breakout, though immediate resistance around $140 may pose challenges.