The LiteCoin value is hovering near a significant resistance level, suggests a possible increase of more than 75% this year with both basic things and technical indicators.
LiteCoin (LTC) reached a high of $ 128.37 on Thursday and is about 60% above its lowest level this year.
Primary catalyst for LiteCoin is likely to increase the Securities and Exchange Commission will approve a spot LiteCoin exchange-traded funds later this year. Companies including Canary Capital, Grassscale and Coinshher have filed applications for a spot Litcoin Fund.
According to polymercate, the possibility of Securities and Exchange Commission is the possibility of a spot Litcoin exchange-traded funds, climbing up to 85%, indicating strong market belief in a list. Another pole provides 52% probability that the agency will approve funds by 31 July.
Proof-off-work coins such as Litcoin and Dogicine (DOGE) receive regulatory approval for proof-of-set tokens are significantly higher than them. SEC sees Litcoin and Dogcoin as digital objects, while it classifies other tokens as securities.
The demand in the futures market has increased, the price of Litcoin has also increased. The open interest in Litcoin futures climbed by $ 870 million on Wednesday, less than $ 420 million of this month. Growing futures interest indications increase growing investors status and speculation.
Litcoin price analysis
The weekly chart shows that the price of Litcoin has overturned in recent weeks. It has gone above the 50-week exponential moving average and has crossed the major resistance level at $ 114.05. This level was important because it formed the upper range of a ascending triangle, a pattern is widely considered to be accelerated in technical analysis.
Additionally, LiteCoin has formed a slant triple-bottom pattern, another rapid indicator. The token is also in the process of creating the second phase of the Elliot Wave Pattern, where the third stage is usually the strongest and the longest.
Given these factors, the price of LiteCoin may increase, with the next target $ 225, 50% fibonacci represents the retracement level, 75% reverse from the current price. However, if the price of Litcoin falls below the support level at $ 80, this rapid approach will be renewed.
