TL;DR
- Litecoin’s latest surge has analysts eyeing key resistance ranges, with predictions {that a} breakout above $135 may spark a powerful upward transfer.
- Rising anticipation of a spot LTC ETF, with approval odds at over 80% by 2025, is including to bullish sentiment and might be driving the elevated curiosity within the asset.
How Excessive Can LTC Go?
The cryptocurrency market has not been in its finest form these days, with many main digital belongings consolidating at their yesterday (February 18) ranges or charting minor losses.
Nonetheless, Litecoin (LTC) is among the many few experiencing a formidable spike. Its value has elevated by 9% within the final 24 hours, at present buying and selling at nearly $135 (per CoinGecko’s knowledge).
In response to quite a few trade contributors, the asset may quickly be headed for increased targets. The X consumer CRYPTOWZRD thinks a breakout above 0.00140 SAT on the LTC/BTC buying and selling pair would possibly lead to additional upside stress for Litecoin.
“$140 is the subsequent resistance goal, and above that, we’ll see a rally in direction of the $170 resistance goal space,” they added.
The analyst utilizing the moniker Dom additionally chipped in. They steered that the true bull run may begin as soon as the value surpasses $135.
“Whereas the remainder of the market is within the abyss, it seems to be prepared to interrupt its 3-month vary to the upside,” the analyst opined.
LTC ETF on the Horizon?
One issue doubtlessly fueling the asset’s stable latest efficiency is the elevated likelihood of the launch of a spot Litecoin exchange-traded fund (ETF) within the US.
Earlier this yr, america Securities and Alternate Fee (SEC) formally acknowledged Canary Capital’s proposal to introduce such a product. If authorised, it’ll permit buyers to realize publicity to the token with out the necessity to purchase it from exchanges or fear about self-custody, for instance.
Eric Balchunas – Senior ETF analyst at Bloomberg – just lately estimated a 90% likelihood that the securities regulator will greenlight a spot LTC ETF earlier than the top of 2025. In response to Polymarket, the percentages for such a growth to occur someday this yr are 84%.
You will need to notice that different well-known firms, corresponding to Grayscale, 21Shares, and Bitwise, have displayed intentions to launch ETFs with cryptocurrencies like XRP, ADA, and DOGE as underlying belongings. Their odds of approval vary from 54% to 78%.
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