Litecoin Climbs 4% to Hit $84: ETF Approval in Sight as Regulatory Developments Loom
Litecoin has shown remarkable resilience in recent weeks, shaking off a slump to rise 4% and hit an intraday high of $85.45. The cryptocurrency has since held steady near $84, with volume above its 20-day average signaling conviction behind the breakout.
The easing of global stress, particularly with a reported ceasefire between Israel and Iran, has helped to boost sentiment. However, the next catalyst for Litecoin may come from regulatory developments. The U.S. Securities and Exchange Commission is reviewing two bids for a spot Litecoin ETF, which could open up LTC exposure to investors through traditional brokerages.
According to CoinDesk Research's technical analysis data model, Litecoin's price burst through the $83.40 ceiling backed by 331,459 LTC being traded in a single hour. Since then, LTC has 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 for Litecoin, while a close below $84 risks a slide to $79. Investors will be closely watching regulatory developments to see if a spot Litecoin ETF receives the green light this year. If approved, it would provide a significant boost to the cryptocurrency's exposure and potential for growth.
In the meantime, Litecoin continues to show signs of strength and resilience, with a focus on regulatory developments as the next potential catalyst for the cryptocurrency. As the cryptocurrency market continues to evolve, Litecoin's position as a leading digital asset remains strong, with investors eagerly awaiting further regulatory developments that could propel its price even higher.
