Litecoin's price has seen notable increases amid rising investor interest and optimism about potential ETF approvals.
Price Surge of Litecoin
On Monday, August 4, Litecoin's price increased by over 7%, reaching $120, nearly 90% above its lowest level this year. Daily trading volume surged to nearly $900 million, and Litecoin's market capitalization rose to $9 billion.
ETF Approval Odds
Investor optimism has surged amid high chances for approval of Litecoin ETFs from Grayscale, CoinShares, and Canary Capital. Polymarket data shows that the probability of the SEC approving these funds has jumped to 80%. The SEC has set deadlines for review on October 2 for Canary's application, and on October 10 and 23 for Grayscale and CoinShares, respectively.
Technical Analysis of Litecoin
The daily timeframe indicates that Litecoin has been within a three-year consolidation phase, oscillating between the resistance level of $140 and a support level of $41 since June 2022. Current indicators suggest LTC has moved above the 50-week and 100-week moving averages and is approaching the 23.6% Fibonacci retracement level at $130.
Considering both technical and fundamental data, projections for Litecoin indicate continued upward movement, especially if ETFs are approved.
