Litecoin shook off last week’s slump, rising 4% to an intraday high of $85.45 and then holding ground near $84. The move came on volume above its 20-day average, signaling conviction behind the breakout.
An easing in global stress helped, with a supposed ceasefire between Israel and Iran.
The next catalyst may be regulatory. The U.S. Securities and Exchange Commission is reviewing two bids for a spot Litecoin ETF.
A green light to such a fund this year, to which Polymarket traders assign an 83% chance, would open LTC exposure to investors betting on crypto through traditional brokerages. Bloomberg analysts see a 95% chance of a spot LTC ETF approval.
Technical Analysis Overview
- Litecoin’s price burst through the $83.40 ceiling backed by 331,459 LTC being traded in a single hour, according to CoinDesk Research’s technical analysis data model.
- LTC has since been bouncing between $84.00-$84.20 support and $85.30-$85.45 resistance.
- A descending intraday channel printed lower highs until buyers defended $84.20.
- Holding above $84 keeps $90 in play while a close below $84 risks a slide to $79.
