Defying the broader crypto market correction, Litecoin price is up 7% today surging all the way to $130 levels, and eyeing a potential breakout ahead. Furthermore, today’s LTC pump comes with 60% in daily trading volumes hitting past $2.06 billion, hinting at a strong bullish undercurrent for the altcoin. Furthermore, investor sentiment remains bullish amid growing odds of spot Litecoin ETF.
Litecoin Price Eyes A Potential Breakout to $200
LTC has been one of the best-performing altcoins during the crypto market correction over the past month. While top altcoins like Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE) have corrected by 25-35% on the monthly chart, the Litecoin price has registered 14% gains during the same timeframe.
Veteran trader Peter Brandt has identified an intriguing chart setup for LTC, suggesting the potential for a profitable swing trade. As per the below Litecoin price chart shared by Peter Brandt, the altcoin is preparing for a flag-and-pole breakout.
As shown above, LTC had a significant uptrend from November to early December 2024, followed by a period of consolidation with several tests of both upper and lower boundaries. For Litecoin to kickstart a journey toward $200 levels, it must first break the crucial resistance of $140 where it has faced multiple rejections.
Furthermore, the LTCBTC pair is showing a strong breakout after months of consolidation. The LTC/BTC trading pair has broken upward following a three-month sideways trend, signaling Litecoin’s relative strength compared to other altcoins.
Furthermore, today’s Litecoin price surge comes with a 15% surge in LTC open interest shooting to $701 million, as per data from Coinglass. The surge in LTC open interest suggests that traders are bullish about further price momentum in LTC from here onwards, amid rising odds of ETF approval.
ETF Expectations Riding the Momentum Amid Crypto Market Correction
The improving odds for the approval of a spot Litecoin ETF have been one of the key reasons that has kept investors interested in the altcoin. Interestingly, the odds of a Litecoin ETF approval is a massive 90% as per Bloomberg analysts, much higher than Solana’s 65% and XRP’s 70% approval odds.
During the recent Litecoin price correction to $106 last week, Litecoin whales chipped in to buy the dip and drive LTC higher. On the other hand, the Litecoin foundation has continued with further developments within the ecosystem.
.LTC Domains Launched
Litecoin, known for its fast and low-cost transactions over the past decade, has introduced its own official domain extension: .LTC. Developed in collaboration with Unstoppable Domains and the Litecoin Foundation, this new feature offers users a personalized on-chain identity.
The .LTC domains simplify cryptocurrency payments and enhance connectivity within the Litecoin community, providing a seamless way to engage with the ecosystem.
The post Why Is Litecoin Price Up 7% Today Despite Crypto Market Correction? appeared first on CoinGape.
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