Litecoin (LTC) Rises 7% as ETF Approval Odds Climb to 90%: Market and Technical Analysis Insight
Litecoin (LTC) experienced a notable surge of more than 7% on Thursday, outpacing the broader market, with the CoinDesk 20 Index rising approximately 4%.
Eric Balchunas, Senior ETF Analyst at Bloomberg, reported that the likelihood of a spot Litecoin ETF being approved has risen to 90%. This comes ahead of the crucial October 2nd deadline, which could significantly broaden institutional interest in LTC and potentially drive a substantial price rally.
Technical Analysis Insights
- LTC-USD showed considerable volatility with a 7.51% price range ($81.82-$88.03), establishing solid support around the $84.00 mark, according to technical analysis data from CoinDesk Research.
- The price action formed a clear ascending channel, with Litecoin successfully reclaiming the $86.00 level in the past 48 hours.
- There was strong buying interest during the recovery phase, especially at key Fibonacci retracement levels.
- Current market momentum suggests LTC may continue to push toward the $88.50 resistance, with $85.50 acting as a solid support level.
- In the final 100 minutes of trading, LTC bounced back from the mid-$86 range, climbing above $87.19 after forming a higher low at $86.36.
- A significant spike in buying interest occurred between 14:14 and 14:17 UTC, during which Litecoin reclaimed the psychological $87.00 level.
- The last hour of trading showed an increase in momentum, with consecutive higher highs and lows, ultimately closing at $87.19, just below the $87.25 resistance level.
- The bullish price structure and declining selling pressure suggest that if the $87.00 support level holds, Litecoin could continue its upward trajectory, aiming for the $88.00 mark.
