How High Can it Go?

TL;DR

• Litecoin’s current 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 could possibly be driving the elevated curiosity within the asset.

How Excessive Can LTC Go?

The cryptocurrency market has not been in its greatest form recently, 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 powerful 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 line with quite a few business individuals, the asset may quickly be headed for greater targets. The X person CRYPTOWZRD thinks a breakout above 0.00140 SAT on the LTC/BTC buying and selling pair may end in additional upside strain for Litecoin. 

“$140 is the subsequent resistance goal, and above that, we’ll see a rally in the direction of the $170 resistance goal space,” they added.

The analyst utilizing the moniker Dom additionally chipped in. They suggested 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 strong current efficiency is the elevated likelihood of the launch of a spot Litecoin exchange-traded fund (ETF) within the US.

Earlier this yr, the US Securities and Trade Fee (SEC) formally acknowledged Canary Capital’s proposal to introduce such a product. If permitted, it’ll enable buyers to achieve 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 – not too long ago estimated a 90% likelihood that the securities regulator will greenlight a spot LTC ETF earlier than the top of 2025. According to Polymarket, the chances for such a improvement to occur someday this yr are 84%. 

It is very important notice that different well-known corporations, comparable 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%.