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Litecoin (LTC) Jumps 9% in 24 Hours: How High Can it Go?

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TL;DR

  • Litecoin’s recent surge has analysts eyeing key resistance levels, with predictions that a breakout above $135 could spark a strong upward move.
  • Growing anticipation of a spot LTC ETF, with approval odds at over 80% by 2025, is adding to bullish sentiment and could be driving the increased interest in the asset.

How High Can LTC Go?

The cryptocurrency market has not been in its best shape lately, with many leading digital assets consolidating at their yesterday (February 18) levels or charting minor losses.

However, Litecoin (LTC) is among the few experiencing an impressive spike. Its price has increased by 9% in the last 24 hours, currently trading at almost $135 (per CoinGecko’s data).

LTC Price
LTC Price, Source: CoinGecko

According to numerous industry participants, the asset could soon be headed for higher targets. The X user CRYPTOWZRD thinks a breakout above 0.00140 SAT on the LTC/BTC trading pair might result in further upside pressure for Litecoin. 

“$140 is the next resistance target, and above that, we will see a rally towards the $170 resistance target area,” they added.

The analyst using the moniker Dom also chipped in. They suggested that the real bull run could start once the price surpasses $135. 

“While the rest of the market is in the abyss, it looks ready to break its 3-month range to the upside,” the analyst opined. 

LTC ETF on the Horizon?

One factor potentially fueling the asset’s solid recent performance is the increased chance of the launch of a spot Litecoin exchange-traded fund (ETF) in the US.

Earlier this year, the United States Securities and Exchange Commission (SEC) officially acknowledged Canary Capital’s proposal to introduce such a product. If approved, it will allow investors to gain exposure to the token without the need to buy it from exchanges or worry about self-custody, for example. 

Eric Balchunas - Senior ETF analyst at Bloomberg - recently estimated a 90% chance that the securities regulator will greenlight a spot LTC ETF before the end of 2025. According to Polymarket, the odds for such a development to happen sometime this year are 84%. 

It is important to note that other well-known companies, such as Grayscale, 21Shares, and Bitwise, have displayed intentions to launch ETFs with cryptocurrencies like XRP, ADA, and DOGE as underlying assets. Their odds of approval range from 54% to 78%. 

Pos Litecoin (LTC) Jumps 9% in 24 Hours: How High Can it Go? muncul pertama kali di CryptoPotato.

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