Litecoin Surges Past $10B Market Cap as SEC Reviews Third ETF Filing, Technical Indicators Signal Further Upside
Litecoin (LTC) demonstrated remarkable strength in recent trading, surging over 10% to reach $135.52 on Wednesday amid growing optimism surrounding potential ETF approval and strong technical indicators. LTC/USD, currently ranked 15th by market capitalization, has posted an impressive 18.4% gain over the past week, challenging key resistance levels.
Spot Litcoin ETF Momentum Builds
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Third such proposal under consideration is Coin Sharesโ spot Litecoin ETF filing accepted by the U.S. Securities and Exchange Commission (SEC). Following past releases from Canary Capital and Grayscale, this presents a progressively hopeful picture for institutional adoption. With a 90% probability of Litecoin ETF approval assigned by Bloombergโs senior ETF analyst Eric Balchunas, Septemberโs decision is expected.
Market Dynamics and Trading Behavior
Recent data from IntoTheBlock shows a fascinating trend in trading activity whereby market players aggressively trade the range between $100 and $135. With strong buying support developing around the $100 level and the rapid recovery from Februaryโs brief down to $80, this price action has laid a basis for the present consolidation period.
LTC/USD Technical Study Reveals Strength
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From a technical standpoint, the latest price activity is really remarkable. Using its 200-week Exponential Moving Average as a basis for its current climb, LTC effectively defended its $87.45 in early February. Suggesting a possible trend reversal, the cryptocurrency has also cracked above a notable declining trendline in place since March 2022.
Litecoinโs Derivatives Markets Signal Growing Interest
The futures market offers maybe the most convincing proof of Litecoinโs revived vigor. Levels not seen since May 2021, open interest has peaked at $887.9 million, four years high. This notable rise from $420.52 million on February 5 points to consistent purchasing pressure and shows notable fresh capital entering the market.
Litecoin Price Analysis: Key Targets
Corresponding to the December 5 high, technical analysts have found $147.06 as the immediate resistance level. A breakthrough above this level might open the path for a $170 drive. Although still below overbought circumstances, the weekly Relative Strength Index (RSI) value of 65 shows great bullish momentum suggesting space for additional gain.
Litecoin Price Forecast
Although the immediate future seems bright, market watchers point out numerous elements that can affect Litecoinโs path:
- The broader cryptocurrency marketโs performance, with Bitcoin currently trading around $95,000
- Macroeconomic conditions, particularly Federal Reserve interest rate decisions
- The ongoing 21-day public comment period for the ETF filings
- Potential impact from Grayscaleโs holdings of 2.04 million LTC, which could affect market supply
Should present momentum continue, experts advise Litecoin might test its three-year high of $150, last seen in January 2022, with some estimates suggesting an upward movement to $200 by April 2025.
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