What to Know:
- Litecoin (LTC) experienced a rise exceeding 2% on Monday, climbing from $85.05 to $88, driven by expectations for a potential spot exchange-traded fund (ETF) approval.
- Analysts at Bloomberg estimate a 90% likelihood of such approval, while traders on Polymarket gauge it at 76% chance.
- The recent movements in Litecoin’s price highlight a clear bullish trend, characterized by a succession of higher lows and higher highs.
Litecoin LTC increased by more than 2% recently, moving in conjunction with the anticipation for a potential spot ETF approval amid a complex geopolitical landscape. Over the course of a day, its price rose from $85.05 to $88, supported by increased volume and higher lows. This growth aligns with the possibility that the U.S. Securities and Exchange Commission (SEC) might soon authorize a spot ETF for LTC.
According to Bloomberg ETF experts Eric Balchunas and James Seyffart, the chance of such an approval has reached 90%, while 76% is reflected in trader wagers on Polymarket. Additionally, ‘whales’—wallets that hold significant amounts of LTC—have boosted their holdings from 25.8 million to 27.8 million tokens since mid-April, per the blockchain analytics firm Santiment.
Technical Analysis Overview
Recent data indicates that Litecoin’s trajectory suggests a bullish reversal pattern. The currency’s price movement has been marked by buyers consistently coming in around the $86.50 mark, reinforcing support, whereas resistance was surpassed near $87.80 following concentrated buying activities. The sustained spike in trading volume indicates robust institutional interest, not just erratic retail buying, resulting in substantial upward moves in the price.
Disclaimer: Portions of this article were generated with assistance from AI, reviewed for accuracy by our editorial standards. To learn more, visit CoinDesk’s AI Policy.
