Litecoin Trades Sideways Amid ETF Optimism and Market Decline
Litecoin (LTC) has been trading sideways, fluctuating between $85 and $87 after reaching a two-week high above $88. This indicates a balance between dip-buyers and sellers treating $87 as resistance.
Key points include:
- A potential "golden cross" may occur if the 50-day moving average surpasses the 200-day moving average.
- The wider crypto market, reflected by the CoinDesk 20 index, decreased by 0.25% in the last 24 hours.
- Bloomberg analysts increased the likelihood of SEC approval for spot ETFs on LTC, XRP, and Solana to 95% by year-end; Polymarket odds are at 86%.
- Approval could facilitate mainstream investment in LTC via brokerage accounts.
Technical Analysis Overview
In a recent trading session, Litecoin’s price moved within a range of $2.09, a 2.46% change. Key observations include:
- Sellers emerged around $86.65 to $87.10, confirmed by high-volume selling.
- Buyers defended support between $85.02 and $85.23.
- The broader chart displays a bearish trend with lower highs, but shorter time frames suggest potential upward momentum.
- LTC saw a modest recovery from $85.22 to $85.59, a 0.43% increase, aided by a spike in buying volume.
- Support was noted between $85.03 and $85.18, along with an ascending channel indicating higher lows.