LTC Price Skyrockets: But Can It Hold?
The altcoin has been more optimistic as the Litecoin ETF deadline draws near next week. At $130, the price of Litecoin has increased by 15%. With a $10 billion market valuation, LTC has risen into the top 20 cryptocurrencies. However, LTC has dropped 24% to $98.81 at the time of writing.
Analysts See Path Toward $200 and Beyond
The altcoin is getting close to a crucial resistance zone between $135 and $140, according to the daily chart for the price of LTC. An upside breakout has previously been thwarted by the bears’ fierce defense of this zone. While the shorter-term averages have crossed above the longer-term ones, the price of LTC is still below its key simple moving averages as of this writing. It is evident from this pattern that bullish momentum is beginning to emerge.
Additionally, there is still an opportunity for a rally into the overbought 70-point zone, as the RSI (Relative Strength Index) is currently at 62. A clear breach above the $140 resistance level, backed by substantial volume, may therefore pave the way for a move toward $200. Market analysts predict that Litecoin may eventually rise to $750 if the bulls successfully break out from this point.
Litecoin ETF Buzz Builds: Canary Capital, CoinShares, and Grayscale
The current spike in the price of LTC coincides with increased investor excitement regarding the Litecoin ETF’s acceptance. A number of significant asset managers have submitted or amended their spot Litecoin ETF applications to the SEC, including Canary Capital, CoinShares, and Grayscale. Canary Capital has drawn special attention from the market. The proposal may be moving closer to approval, according to recent changes made to the file. The approval of a spot Litecoin ETF, according to analysts, might be a turning point for the altcoin. In addition to enabling traditional investors to obtain exposure to LTC without direct custody, this may draw in institutional capital inflows.
For more up-to-date crypto news, you can follow Crypto Data Space.
