Litecoin (LTC) is on fire! In the past 24 hours, its price has jumped around 20%, hitting $120.50 on January 16. This is because the market is excited about the S-1 filing update from Canary Capital for a Litecoin spot ETF. Speculation about this ETF has many excited, similar to the hype that used to happen around XRP, Solana, and Cardano. Now, Litecoin is the main star, considered to have the best chance of getting the next ETF approval.
Bloomberg analysts say the filing is significant, despite the slight drama surrounding a potential SEC change that could change the outcome. But that’s not all that’s making LTC hype. On-chain data shows that Litecoin whales and sharks—big wallets holding more than 10,000 LTC—have already snapped up 250,000 LTC since January 9. This is a sign that big investors are gearing up for an even bigger rally.
From a technical perspective, LTC has just broken through a descending triangle pattern that is usually bearish, but now it has become bullish. If this trend continues, the price of LTC could reach $157 in February, aka a potential profit of 32%! But be careful, if the price goes back down below $105 (50-day EMA), this bullish scenario could fail.
So, what do you think? With the ETF opportunity and more institutions taking a look, is this the right time to get into Litecoin? The momentum is hot, the hype is big, and it seems like it's going to be even more exciting to follow, right!
