Litecoin price is outperforming the broader crypto market run-up gaining more than 18% in the last 24 hours shooting all the way to $120 levels. The daily trading volume has also skyrocketed by a massive 301% to $1.68 billion suggesting strong bullish momentum moving ahead. This comes amid strong LTC whale accumulation along with the growing optimism for Litecoin ETF approval.

What’s Behind the Litecoin Price Rally?

After forming a strong base at $100, the Litecoin price has gained 18% in the last 24 hours supported by a strong boost in the daily trading volumes. As per the Coinglass data, the LTC open interest has shot up by 30% to $582 million while the 24-hour liquidations have surged to $1.60 million with $1.28 million in short liquidations.

As per blockchain analytics firm Santiment, the Litecoin price surge comes due to increased activity from large investors, specifically whales and sharks holding at least 10,000 LTC. These entities have collectively accumulated 250,000 LTC since January 9, signaling strong institutional and large-scale investor interest.

Source: Santiment

This pattern mirrors similar activity observed in early December. Thus, this reinforces the notion that big players are showing much interest in LTC with the expectations of further price gains.

LTC Rally to $200 And Beyond Very Soon?

As LTC has bounced back from the support of $100 with strong trading volumes, analysts are bullish regarding its next leg of the rally to $200 and beyond. Popular crypto analyst Solberg Invest stated that LTC has completed a “retest” phase following its breakout from a long-term downward trendline. This development, combined with the appearance of a triple-bottom pattern on the chart, signals that Litecoin may be set for a significant upward move, potentially gaining $200 in value.

Source: Solberg Invest

XBT Liquidators has highlighted a bullish setup in Litecoin’s chart that has largely gone unnoticed. The analysis points to the role of Gann angles, which, once broken, can act as strong support or resistance levels. With Litecoin price holding above the Gann angle without retracing, the analysts suggest this is a highly bullish signal. They predict that a move to $250 in the next upward leg is a “no-brainer. On the other, other market analysts have shared an LTC price prediction of $500 by mid-2025.

No one talking about this $LTC chart.

Remember, gann angles, once broken, can act like support/resistance.

Since LTC price didn’t dump back below the gann angle, this is very bullish.

$250 on the next leg up is a no-brainer. pic.twitter.com/OzMAYKNily

— XBT Liquidators (@Cryptard3000) January 15, 2025

Optimism Around Litecoin ETF Grows

On Wednesday, Canary Capital submitted the S-1 application to the U.S. Securities and Exchange Commission (SEC) for a spot Litecoin ETF. Eric Balchunas, senior ETF analyst at Bloomberg, has hinted at progress in Litecoin ETF approval. Balchunas noted that reports suggest the Litecoin S-1 filing has received comments from the U.S. Securities and Exchange Commission (SEC), signaling a step forward.

“This development supports our prediction that Litecoin is the most likely candidate for the next ETF approval,” Balchunas stated. As of press time, the LTC price is trading 17.31% up at $119.31.

The post Here’s Why Litecoin Price Is Up 18% Today? appeared first on CoinGape.

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Filed under: News - @ January 16, 2025 7:29 am