Litecoin Price Soars 14% Amid Growing Speculations of LTC ETF Approval – Bulls Target $150

Highlights:

• Litecoin price soars 14% to $135, a level not seen in four weeks.
• Santiment data shows that large holders have accumulated 250k LTC in the past week.
• The recent rise follows growing speculation about the approval of a Litecoin-based exchange-traded fund (ETF).

The Litecoin price has caught the market’s attention with a double-digit price jump, increasing 14% to $135 in the last 24 hours. Its trading volume has notably gone ballistic by 58% to $2.82 billion, indicating a spike in interest. LTC is now up 31% in a week, 15% in a month, and 98% in a year. 

This dramatic rise follows growing speculation about the approval of a Litecoin ETF, driven by a regulatory filing update from Canary Capital. The approval of a Litecoin ETF could mark a pivotal moment for the cryptocurrency, potentially driving significant institutional investment and broadening its adoption.

⚡️ JUST IN: Nasdaq submits 19B-4 filing for Canary Litecoin ETF, initiating the regulatory review process pic.twitter.com/JcXvTrlr54

— Crypto Briefing (@Crypto_Briefing) January 16, 2025

Elsewhere, Santiment data indicates that Litecoin has decoupled from other altcoins, jumping over 16% in market cap in just the past 11 hours. The key drivers appear to be whales and sharks holding at least 10k LTC, accumulating 250K coins since Jan. 9th. 

⚡️📈 Litecoin has decoupled from other altcoins, jumping +16.1% in market cap in just the past 11 hours. Just as we saw in early December, the key driver appears to be whales and sharks holding at least 10K+ $LTC. They have accumulated 250K coins since Jan. 9th. 👀 pic.twitter.com/zCmu7tGKJl

— Santiment (@santimentfeed) January 15, 2025

LTC Statistical Data

Based on CoinmarketCap data:

• LTC price now – $135
• Trading volume (24h) – $2.82 billion
• Market cap – $10.33 billion
• Total supply – 84 million
• Circulating supply – 75.42 million
• LTC ranking – #19

Litecoin Price Breakouts of a Descending Triangle

Litecoin price unexpectedly gained about 15% in the past 24 hours, while most cryptocurrencies remain relatively stable. It has broken out in a splendid show of bullish muscle, rallying 43% to an intraday high of $140 before slightly retracing to $135. 

Litecoin’s technical outlook turned bullish following the token’s rebound above the support level of $112. There was a fierce tug-of-war between bulls and bears between the $100 support and the resistance at $112. However, after LTC reclaimed the 50-day Simple Moving Average (SMA) (green) and the 200-day SMA (blue), turning them into immediate support levels, momentum rallied behind the token, which propelled the price above the hurdle to $135.

The Relative Strength Index (RSI) which measures the strength of an asset’s trend – either up or down, suggests that a correction is imminent. The RSI’s position at 70.74 shows overbought conditions, which may culminate in Litecoin’s price reversal. It might be prudent to keenly watch out for the RSI’s rejection from the overbought region to time the reversal to avoid the bull trap carefully.

On the other side of the fence, the MACD (Moving Average Convergence Divergence), with its histogram shifting into positive territory, supports this momentum, indicating that bullish strength may be sustained in the short term. This is evident as the blue MACD line crossed above the orange signal line, calling for more trades and investors to rally behind LTC.

How High Can Litecoin Price Go?

The daily chart timeframe indicates a strong recovery over the past three days, with a 37.04% rise in price, backed by a significant increase in trading volume of $2.82 billion. Moreover, the technical indicators uphold a bullish momentum in the Litecoin market. 

With the splendid show of bullish muscle from the bulls, the Litecoin price could rise, reclaiming the $146 mark in the short term In a highly bullish case, the gains could extrapolate to a new record high. Conversely, if early profiteering commences, the LTC price could fall through. In such a case, the $112 support level will be in line to absorb potential selling pressure.