This week, LTC price has made a strong comeback, closely following the over all market’s recovery after positive US inflation data outperforming many other cryptocurrencies, with a 17% rise in just the past 24 hours. This surge seems to be driven by heavy whale accumulation and growing excitement about the potential approval of Litecoin ETF.
Litecoin Price Surges Amid Optimism Over ETF Approval Hopes
As per James Seyffart tweet on X, @CanaryFunds has just filed an amended S-1 for their Litecoin ETF, which could signal some engagement with the SEC on the filing. While there are no guarantees yet, this move suggests progress in the approval process. However, it’s important to note that the 19b-4 filing, which is crucial for final approval, has not been submitted yet. This development adds to growing anticipation around the potential approval of a Litecoin ETF.
Canary Litecoin ETF
Accordign to Santiment, Litecoin has decoupled from other altcoins, soring by 16.1% in market cap within the last 11 hours. Similar to the trend seen in early December, the main factor behind this surge appears to be whales and sharks holding 10K+ LTC. Since January 9th, they have accumulated 250K coins, fuelign the price increase.
Santiment
According to Javon Marks on X, Litecoin (LTC) is showing signs of significant strength and could be gearing up for a strong rally, with the first target near $354.36. This move could signal a potential upside of over 207%, and might just be the beginning.
Litecoin Weekly Chart
What Next For LTC?
On the daily chart, After forming a low of $50 near august 2024, Litecoin price started its upward journey and 5th Dec it made a high of $147 and the price retracted almost 40% from high to $90 and form double bottom. After taking support near 0.382 Fibonacci level, LTC is hovering near the neckline of double bottom pattern as well as near 0.786 Fibonacci level. If the upside trend continues and breaches these levels, then the next target might be the $150 psychological barrier.
LTC/USDT Daily Chart
However, Litecoin is expected to keep rising as bulls eye the next major resistance at $150, driven by hopes of an ETF approval and whale buying activity. This target is roughly 27% higher than the current price. If the price falls below the crucial support level at $100, the bullish outlook will be invalidated.
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