Litecoin Rises Over 2% to Stabilize Near $93 Amid ETF Hopes
Litecoin (LTC) rebounded over 2% following a sell-off, stabilizing around $93. This recovery coincided with positive movements in traditional markets after a lower-than-expected U.S. CPI report.
Key points include:
- LTC peaked at $93.58 before dropping to around $91 due to overnight selling.
- Market interest is likely increasing ahead of a potential Litecoin ETF approval, with a 90% probability assigned by Bloomberg analyst James Seyffart.
- Technical analysis shows LTC fluctuated between $90.97 and $93.58 over the past 24 hours, indicating a swing of 2.88%.
- The steepest price drop occurred during Asian trading hours, falling 1.55% before recovering.
- High-volume buying was noted as traders in the Americas entered the market, with 249,812 tokens traded around midday UTC.
- An ascending price channel is forming with resistance near $93.50 and support around $91. Volatility remains present, but the $91 floor appears to hold.
- LTC is currently hovering near $92.95, reflecting signs of steady recovery.