Litecoin Surges 11% to $129 Amid ETF Optimism and Trading Spike
Litecoin (LTC) surged up to 11% to the $129–$131 range, surpassing Bitcoin and Ethereum during a market pullback. Trading volume increased by 143% to $1.66 billion, with futures open interest rising 25% to $1.21 billion.
- The rise is linked to optimism about a potential U.S.-listed spot Litecoin ETF. Canary Capital's updated filing includes a ticker LTCC and a 0.95% fee, indicating progress.
- Grayscale and CoinShares are also pursuing similar initiatives, highlighting LTC’s suitability for regulated fund access due to its commodity-like profile and proof-of-work history.
Technical Analysis: Litecoin's Price Movement
- Litecoin broke through the $127.45 level, reclaiming key moving averages (7- and 30-day SMAs).
- RSI at 68 shows strong momentum; MACD remains positive.
- Resistance exists at $130–$131, with potential targets of $134–$135 and then $138 to $150 if the momentum continues.
- Long-term outlook suggests that an ETF-driven inflow could push prices towards $275.
Critical Levels for Litecoin
- $125 is crucial for maintaining momentum; falling below could lead to a drop to $122–$125 support or even $115–$118.
- Holding above $125 and clearing $130 with volume keeps the path open to $135–$138.
- External factors like government shutdowns and SEC decisions could introduce volatility.
Maintaining support at $125 and turning $130 into support could signal a move towards $150–$160, potentially accelerated by ETF developments.