New York, Today - Litecoin (LTC) experienced a rally, increasing by over 2% on Monday. This surge is fueled by anticipation of a potential spot exchange-traded fund (ETF) approval and market reactions to geopolitical instability. (Source: CoinDesk, Today)
LTC's price climbed from $85.05 to $88 within a 24-hour period, characterized by higher lows and substantial trading volume. This rise aligns with increasing expectations that the U.S. Securities and Exchange Commission (SEC) might approve a spot ETF for LTC.
Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% probability of such an approval. Traders on Polymarket are pricing in a 76% chance. Blockchain data firm Santiment indicates that whales have increased their LTC holdings from 25.8 million to 27.8 million tokens since mid-April.
CoinDesk Research's technical analysis data model suggests a potential bullish reversal. The price action displayed a pattern of higher lows and higher highs, often linked to growing demand. Significant trading activity accompanied each upward movement.
Support was found near the $86.50 range, with buyers consistently entering the market. Resistance around $87.80 was eventually breached following a concentrated surge in trades. Three distinct buying waves propelled LTC past resistance levels.
During one surge, nearly 28,000 tokens were traded, converting previous resistance into a new support level just above $88. Selling pressure subsequently decreased.