Litecoin Rises 4% to $84 as ETF Approval Chances Increase
Litecoin (LTC) increased by 4%, reaching an intraday high of $85.45 before stabilizing around $84, supported by trading volume exceeding its 20-day average.
Contributing factors include a reduction in global stress due to a potential ceasefire between Israel and Iran. The U.S. Securities and Exchange Commission is evaluating two proposals for a spot Litecoin ETF.
Polymarket traders estimate an 83% probability of ETF approval this year, while Bloomberg analysts project a 95% chance.
Technical Analysis Overview
- LTC price surpassed the $83.40 resistance with 331,459 LTC traded in one hour.
- The current trading range is between $84.00-$84.20 support and $85.30-$85.45 resistance.
- Recent price action indicated a descending channel with lower highs until buyers defended the $84.20 level.
- Staying above $84 may target $90; falling below risks a decline to $79.