Crypto analyst KALEO highlighted the favorable market setup for Litecoin, expecting fresh all-time highs.
With the growing expectations for ETF approval and a favorable market trend, analysts foresee LTC potentially reaching $300 or beyond.
Bloomberg analysts have projected a 90% chance of approval for a spot Litecoin ETF, surpassing the odds for Solana, XRP, and Dogecoin ETFs.
Litecoin price shot up by 15% today moving closer to its crucial resistance at $130 as Bloomberg analysts assigned 90% chances for the approval of a spot Litecoin ETF this year in the US. This development was enough to activate the LTC bulls thereby pushing the price higher to a crucial resistance level.
Furthermore, the 54% surge in daily trading volume suggests that the bullish momentum could continue moving ahead. As per the Coinglass , the ADA futures open interest has also surged 19.45% to $742 million.
Litecoin Price Rally to Continue?
Crypto analyst KALEO has shared an optimistic outlook on Litecoin (LTC), highlighting a promising setup for the cryptocurrency since the last halving in August 2023. According to KALEO, the current market conditions are favorable and straightforward, making it an ideal time for Litecoin price to potentially reach new all-time highs.
The analyst also pointed to recent reports from Bloomberg, which have raised the likelihood of an ETF approval for Litecoin, adding a compelling narrative to drive the asset’s growth. KALEO expressed confidence in Litecoin’s potential, urging it to “send it to new all-time highs with haste.”
Source: KALEO
If LTC breaks past the crucial resistance of $130, it could set the stage for further gains all the way to $300 and beyond, as per several market analysts.
Spot Litecoin ETF Expectations Grow
The expectations around the launch of a spot Litecoin ETF are high as Bloomberg ETF analysts Eric Balchunas and James Seyyfart state that there’s a massive 90% chance of approval. Interestingly, the data shows that a spot Litecoin ETF has greater chances of approval than a Solana ETF or a spot XRP ETF, the odds of which stand at 70% and 65% respectively. Even the chances of a spot Dogecoin ETF are higher at 75%.
Source: Bloomberg
Amid the great chorus building around approving several crypto ETFs, the broader crypto market has turned bullish today with altcoins taking the lead currently. Recently, Nasdaq, one of the world’s largest stock exchanges, has officially filed 19b-4 forms with the United States Securities and Exchange Commission (SEC) to seek approval for the CoinShares Litecoin ETF, aimed at providing the direct exposure to LTC.
With Litecoin already grabbing a spot in the top 15 cryptocurrency lists, it will be interesting to see if the altcoin can make its way into the top ten list in the next bull run.