Litecoin LTC rallied more than 2% on Monday, gaining ground as investors eye a possible spot exchange-traded fund (ETF) approval and navigate a shaky geopolitical backdrop.
LTC rose from $85.05 to $88 in a 24-hour period, an uptrend marked by higher lows and heavy volume. The rise coincides with growing expectations that the U.S. 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 an approval now stand at 90%, while traders on Polymarket are weighing a 76% chance.
Meanwhile, whales, wallets holding large sums, have increased their LTC holdings from 25.8 million to 27.8 million tokens since mid-April, according to blockchain data firm Santiment.
Technical Analysis Overview
📖 Related Reading
- 📰 Asia Morning Briefing: Risk of Escalating Israel-Iran Conflict Keeps BTC Around 105K Says QCP
- 📰 Crypto Daybook Americas: Bitcoin Holds Above $100K as Iran, Israel Trade Blows
Litecoin’s price action over the past 24 hours shows a potential bullish reversal, according to CoinDesk Research’s technical analysis data model.
Its rise was marked by a pattern of higher lows and higher highs, often associated with growing demand, while significant trading activity accompanied each leg up. Spikes in volume, well above daily averages, suggest steady institutional interest rather than sporadic retail enthusiasm.
Support emerged near the $86.50 range, where buyers stepped in repeatedly, and resistance near $87.80 was eventually broken following a concentrated surge in trades, according to the model.
Three distinct buying waves pushed LTC past resistance levels. During one burst alone, nearly 28,000 tokens changed hands, helping turn previous resistance into a new support floor just above $88.
Selling pressure tapered off following the move.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence toour standards. For more information, see CoinDesk’s full AI Policy.
🔗 You Might Also Be Interested In
Asia Morning Briefing: Risk of Escalating Israel-Iran Conflict Keeps BTC Around 105K Says QCP
Crypto Daybook Americas: Bitcoin Holds Above $100K as Iran, Israel Trade Blows
Digital Assets Are One Step Closer to Regulatory Clarity
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!