LTC price has gained 18% in the last 24 hours outperforming the rest of the altcoins with a massive 300% surge in its daily trading volume shooting all the way to $1.68 billion. Key factors including LTC whale accumulation and fresh optimism surrounding Litecoin ETF have fueled this rally.
What’s Behind the LTC Price Rally?
After forming a strong base at $100, the LTC price has gained 18% in the last 24 hours supported by a strong boost in the daily trading volumes. As per the Coinglass data, the LTC open interest has shot up by 30% to $582 million while the 24-hour liquidations have surged to $1.60 million with $1.28 million in short liquidations.
As per blockchain analytics firm Santiment, the LTC price surge comes due to increased activity from large investors, specifically whales and sharks holding at least 10,000 LTC. These entities have collectively accumulated 250,000 LTC since January 9, signaling strong institutional and large-scale investor interest.
This pattern mirrors similar activity observed in early December. Thus, this reinforces the notion that big players are showing much interest in LTC with the expectations of further price gains.
LTC Rally to $200 And Beyond Very Soon?
As LTC has bounced back from the support of $100 with strong trading volumes, analysts are bullish regarding its next leg of the rally to $200 and beyond. Popular crypto analyst Solberg Invest stated that LTC has completed a “retest” phase following its breakout from a long-term downward trendline. This development, combined with the appearance of a triple-bottom pattern on the chart, signals that Litecoin may be set for a significant upward move, potentially gaining $200 in value.
XBT Liquidators has highlighted a bullish setup in Litecoin’s chart that has largely gone unnoticed. The analysis points to the role of Gann angles, which, once broken, can act as strong support or resistance levels. With LTC price holding above the Gann angle without retracing, the analysts suggest this is a highly bullish signal. They predict that a move to $250 in the next upward leg is a “no-brainer. On the other, other market analysts have shared an LTC price prediction of $500 by mid-2025.
No one talking about this $LTC chart.
Remember, gann angles, once broken, can act like support/resistance.
Since LTC price didn’t dump back below the gann angle, this is very bullish.
$250 on the next leg up is a no-brainer. pic.twitter.com/OzMAYKNily
— XBT Liquidators (@Cryptard3000) January 15, 2025
Optimism Around Litecoin ETF Grows
On Wednesday, Canary Capital submitted the S-1 application to the U.S. Securities and Exchange Commission (SEC) for a spot Litecoin ETF. Eric Balchunas, senior ETF analyst at Bloomberg, has hinted at progress in Litecoin ETF approval. Balchunas noted that reports suggest the Litecoin S-1 filing has received comments from the U.S. Securities and Exchange Commission (SEC), signaling a step forward.
“This development supports our prediction that Litecoin is the most likely candidate for the next ETF approval,” Balchunas stated. As of press time, the LTC price is trading 17.31% up at $119.31.
The post How High Will LTC Price Surge If Litecoin ETF Is Approved? appeared first on CoinGape.
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