Markets, LTC, Litecoin, Technical Analysis, AI Market Insights, News The Middle East news might be the immediate catalyst, but spot ETF approval by the SEC could be coming.
Litecoin shook off last week’s slump, rising 4% to an intraday high of $85.45 and then holding ground near $84. The move came on volume above its 20-day average, signaling conviction behind the breakout.
An easing in global stress helped, with a supposed ceasefire between Israel and Iran.
The next catalyst may be regulatory. The U.S. Securities and Exchange Commission is reviewing two bids for a spot Litecoin ETF.
A green light to such a fund this year, to which Polymarket traders assign an 83% chance, would open LTC exposure to investors betting on crypto through traditional brokerages. Bloomberg analysts see a 95% chance of a spot LTC ETF approval.
Technical Analysis Overview
- Litecoin’s price burst through the $83.40 ceiling backed by 331,459 LTC being traded in a single hour, according to CoinDesk Research’s technical analysis data model.
- LTC has since been bouncing between $84.00-$84.20 support and $85.30-$85.45 resistance.
- A descending intraday channel printed lower highs until buyers defended $84.20.
- Holding above $84 keeps $90 in play while a close below $84 risks a slide to $79.
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