The price of LiteCoin increased on 10 February, exiting its recent consolidation phase, as optimism remains strong around the possible approval of LTC ETF this year.
LiteCoin (LTC) held more than 10% rallies at a high level of $ 114.33 on Monday. It has now increased by 104% in 2024 from its lowest point. Altcoin’s market cap was seated over $ 8.5 billion, while its daily trading content was about 1 billion dollars.
The largest driver behind the price growth of LTC is the increasing expectation of a spot LiteCoin ETF, receiving green lights by the end of the year from the US Securities and Exchange Commission. Polymercate data suggests that the possibility of approval has increased by 81%, this year most traders betting on a launch.
While other crypto ETFs, such as Solna (Sol) and Hedera (HBAR), are in the pipeline, may be more open to approve a Litcoin ETF due to the similarity of SEC bitcoin. Earlier, Bloomberg’s analyst Eric Balchunas has speculated that Litcoin may be the next cryptocurrency to obtain an ETF, cited the industry “rubbish”.
LiteCoin, being a bitcoin (BTC) hard fork, works on a proof-of-work network just like BTC, which means SEC considers it a digital commodity. So, for the agency really no good reason to deny a Litcoin ETF.
Thus AltCoin is expected to climb at the price because traders have bet on high institutional demand which is leading to ETF approval.
Strong on-chain metric support ltc rally
The current LTC rally was supported by solid basic things. According to coinglass dataThe open interest in the LTC Futures Market has increased by 10.8% in the previous day, which has increased to $ 549 million with a positive -weighty funding rate, which means that most traders opinion that prices will climb more.
In addition, the total number of LTC holders is increasing over last week, per satisfaction data.
Meanwhile, large LTC holders, especially those holding between 10k-100k LTC, are also growing in the last 10 days.
Current accumulation patterns reflect the trust of traders in LTC, which is clear from its weighted social spirit, which has also improved in the last few days.
On the 1-day LTC/USDT price chart, the MACD line is ready to cross over the signal line, which may be a rapid reversal. Meanwhile, RSI has climbed on 54, running above the neutral mark, which means shifting to the speed bulls, although one step towards 60–70 would provide a strong confirmation.
Additionally, with a positive reading, the Chaikin Money Flow Index has suggested to purchase strong pressure supporting the current rally of LTC, which is run by new money or arrival of capital.
According For Karl Moon, an analyst named Pseudo, Litcoin can rally in short -term. In particular, the LTC is broken by a ascending triangle pattern, a rapid signal that usually indicates a change from the comprehension to the upward value speed. As shown in a 4-hour chart, he recently shared in an X post, the breakout took place on February 10, pointing to a target of $ 128 with a measured trick of the pattern.
Meanwhile, fellow analyst Santolita hopes that LTC will be established by $ 200 by the end of February. (See below.)
In press time, LTC was exchanging hands at $ 117.05 per coin.
Disclosure: This article does not represent investment advice. The materials and materials painted on this page are only for educational purposes.
