Litecoin (LTC) is gaining bullish momentum as market sentiment strengthens around a potential spot ETF approval in the U.S. The altcoin surged over 2% in the last 24 hours, breaking key resistance and signaling a shift in investor sentiment.
LTC Climbs Amid ETF Hopes
Litecoin rose from $85.05 to $88, marking a 2%+ gain as optimism builds around the approval of a spot Litecoin ETF.
Analysts now estimate a 90% chance of approval, while betting markets reflect a 76% probability, adding fuel to LTC’s recent rally.
Traders are positioning ahead of potential regulatory developments, seeing the ETF as a gateway to traditional investment access and broader adoption of Litecoin.
Whales Accumulate Over 2 Million LTC
Blockchain data reveals a significant rise in whale activity, with large wallet addresses increasing holdings from 25.8 million to 27.8 million LTC since mid-April.
This 2-million-token accumulation signals growing institutional or long-term investor interest, aligning with the broader ETF-driven bullish narrative.
The behavior of large holders often precedes major price trends, and their increased exposure suggests confidence in Litecoin’s medium-term potential.
Technical Analysis: Breakout Confirms Bullish Reversal
From a technical perspective, Litecoin’s recent price action shows a clear bullish reversal pattern supported by strong volume:
- Higher lows and higher highs formed over the last 24 hours
- Support established at $86.50, with consistent buyer activity
- Resistance at $87.80 broken after a surge in volume
- During a key move, 28,000 tokens were traded, turning resistance into new support at $88.00
Spikes in trading volume, far above daily averages, suggest sustained institutional interest rather than short-term speculative buying.
What to Watch Next
With momentum building, investors are closely monitoring:
- SEC’s stance on a spot Litecoin ETF
- Whale accumulation trends
- Support at $88 and potential test of $90 psychological resistance
If market confidence holds and ETF news materializes, Litecoin could see further upside in the short term.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.