Litecoin (LTC) defied broader market turbulence on Monday, surging nearly 7% as optimism surrounding a potential LTC exchange-traded fund (ETF) gained momentum. This renewed interest, coupled with Binance expanding its support for the token, has strengthened investor sentiment. As a result, leading analysts foresee a bullish trajectory, with Litecoin eyeing a $128 target in the near term.
Analysts Predict Litecoin Rally to $128
Renowned crypto market analyst Carl Moon recently expressed bullish sentiment on X, highlighting Litecoin’s strong technical setup. The analyst pointed out that LTC successfully bounced off the key support at $96 and is now trading within an ascending triangle pattern. A confirmed breakout from this formation could propel Litecoin to $128, according to Moon’s projections. At press time, Litecoin was trading at $113.65, up 7% intraday, after touching a low of $102 and a high of $113 within 24 hours.
Further reinforcing optimism, another analyst known as ‘XForceGlobal’ likened Litecoin’s price trajectory to that of XRP, emphasizing that the only missing component is liquidity. The potential approval of an ETF could fill this gap, significantly boosting the token’s market presence.
LTC ETF Hype Gains Traction
Investor enthusiasm for Litecoin has been further fueled by recent developments surrounding a potential ETF. The U.S. Securities and Exchange Commission (SEC) has initiated public comments on Grayscale’s proposal to convert its Litecoin Trust into an exchange-traded product (ETP). Additionally, CoinShares has submitted an S-1 filing for a similar initiative, adding to the growing anticipation.
Binance Expands Support, Strengthening Market Confidence
Crypto giant Binance has also played a role in Litecoin’s price surge, announcing new Spot Grid and Spot DCA services for LTC/USDC on February 6. This expansion is expected to facilitate greater liquidity and trading opportunities, further bolstering investor confidence in Litecoin’s potential.
Market data from Coinglass indicates an 11% surge in Litecoin’s futures open interest (OI) to $551.13 million, alongside a 169% spike in derivatives market volume to $1.29 billion. These figures suggest heightened investor activity, reinforcing expectations of Litecoin reaching the $128 target as the broader crypto market recovers.
Also Read: SEC Moves Closer to Approving Litecoin ETF and In-Kind Bitcoin ETF Redemptions
With growing institutional interest, technical strength, and increasing derivatives activity, Litecoin appears poised for further upside in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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