Litecoin Rises Over 11% Amid ETF Speculation and Increased Adoption
Litecoin (LTC) Updates:
- LTC rose over 11% in 24 hours, surpassing $123.
- This increase makes LTC the largest weekly gainer among top hundred tokens.
- In July, LTC accounted for 14.5% of all crypto payments on CoinGate, ranking second only to Bitcoin.
- Speculation continues around a spot ETF approval despite SEC delaying Grayscale’s application until October.
- Bloomberg analysts estimate a 90% chance of eventual approval due to LTC's commodity classification by the CFTC.
- MEI Pharma allocated $100 million to LTC, positioning it as a low-beta treasury asset.
- Technical indicators show LTC above its 7-day simple moving average with a key pivot level at $117.61.
- Current RSI is at 69.5; early MACD divergence suggests potential momentum cooling.
- Resistance levels are noted between $124 and $131.