Litecoin
Ralled more than 2% on Monday and got a place as investors in mind for a possible spot exchange traded Fund (ETF) approval and navigate in a shaking geopolitical background.
LTC rose from $ 85.05 to $ 88 in a 24-hour period, an uptrend marked with higher low and heavy volume. The increase coincides with growing expectations that the US Securities and Exchange Commission (SEC) could Greenlight a spot ETF giving investors exposure to LTC.
According to Bloomberg Etf analysts Eric Balchunas and James Seyffart, the odds of such approval are now at 90%, while dealers on the polyme field weigh a 76% chance.
Meanwhile, whales, wallets that have large amounts, have increased their LTC holdings from 25.8 million to 27.8 million tokens since mid-April, according to Blockchain data company Santiment.
Overview of Technical Analysis
Litecoin’s price action over the last 24 hours shows a potential bullish reversing, according to Coindesk Research’s technical analysis data model.
Its rise was characterized by a pattern of higher low and higher heights, often associated with growing demand, while significant trading activity accompanied each leg up. Spikes in volume, well above daily average, suggest stable institutional interest rather than sporadic retail enthusiasm.
The support emerged near the $ 86.50 series where buyers repeatedly entered and resistance near $ 87.80 was eventually broken after a concentrated increase in trades, according to the model.
Three different purchase waves pushed LTC previous resistance levels. During a burst alone, nearly 28,000 token’s hands changed and helped transform previous resistance into a new support floor just over $ 88.
Sales of pressure tense after the move.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
