Litecoin (LTC) Skyrockets 7% Amid ETF Buzz: Is $120 Next?
Litecoin (LTC) has ignited the crypto market, surging over 7% to $88.67 on Thursday, outpacing the CoinDesk 20 Index’s 4% climb. The catalyst? A whopping 90% chance of SEC approval for a spot Litecoin ETF by October 2, according to Bloomberg’s Eric Balchunas. This could unleash a flood of institutional investment, potentially catapulting LTC’s price to new heights. Analysts are eyeing $120 as the next major target, with technical indicators flashing bullish signals.
LTC’s resilience is striking. Despite a volatile April, it reclaimed the critical $86 level, supported by a bullish reversal pattern and rising trading volume. Long-term holders, with 20.6% of LTC locked for over five years, are doubling down, signaling unshakable confidence. Whales have also been active, snapping up 430,000 LTC worth $45 million in just 48 hours, hinting at a looming breakout.
Social media is abuzz, with X posts amplifying the hype. @RJT_WAGMI noted LTC’s breakout from a multi-month falling wedge, predicting a swift climb to $100 if momentum holds. @CauseWereCrypto highlighted a 400% hashrate surge, underscoring the network’s robust health.
However, caution is warranted. LTC faces resistance at $95, and low trading volume could trigger a false breakout. If it dips below $87, a slide to $70 is possible. Yet, with ETF approval odds soaring and miners holding firm, the stage is set for a potential rally. Could Litecoin mirror XRP’s recent surge and hit $120 by year-end? Stay tuned—this is one crypto story you won’t want to miss.