The post Litecoin’s Price Increase and ETF Approval Speculation: What Possible Scenarios Could Emerge? appeared on BitcoinEthereumNews.com.

Litecoin (LTC) has rallied by 5.15% to $122, driven by growing optimism surrounding a potential spot ETF approval that is now seen as having a 90% likelihood. Amidst a challenging backdrop for major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), LTC’s surge indicates a robust bullish sentiment in the market. As noted in a recent analysis, “The bulls could push the price breakout, rallying toward the $150-$170 key zone in the short term,” highlighting the expected bullish trajectory for LTC. Litecoin’s price surged by 5.15% to $122 amid speculation of a 90% approval chance for its spot ETF, as market indicators favor bullish momentum. LTC’s Technical Setup and Potential Scenarios Unfold Analyzing Litecoin’s price on the 8-hour chart reveals a consolidation phase forming a bullish pennant, which typically suggests a potential upward rally. As LTC has been testing the upper key horizontal resistance zone, traders watch closely for a breakout above the $130-$135 barrier. According to insights from World of Charts shared on platform X (formerly Twitter), a successful breakout could push the price towards a target of $150-$170 in the near term, with long-term aspirations set at $250. Source: X Conversely, a rejection within this formation could lead to a price pullback, potentially retesting the support levels around $110-$100, should a breakout fail. On-Chain Metrics Flash Mixed Signals for Investors Recent data indicates that LTC’s 24-hour Open Interest (OI) has increased by 4.8%, although trading volume has decreased by 24.61% according to Coinglass. This discrepancy may suggest caution among traders despite the price rally. Intotheblock data reveals that whales hold a significant 48% of total LTC, indicating a strong accumulation phase among large investors. Furthermore, 84% of all holders are currently in profit, reinforcing a bullish sentiment. According to Santiment, there has been a notable rise in investor enthusiasm,…

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Filed under: News - @ February 15, 2025 1:13 am