Big news for Litecoin as LTC prices surged by 19% to hit $133 in the last 24 hours, and technicals are currently hinting at a possible rally towards $200
The crypto market reacted positively to the SEC’s acknowledgment of Canary Capital’s 19b-4 filing for a Litecoin ETF. The move came in the backdrop of the appointment of a crypto-friendly acting chairman for the SEC. It has since sparked massive volatility for the oldest altcoin and reinitiated the debate about its ability to break above $200.
At the time of writing, LTC price has rallied by more than 18% in the last 24 hours and is currently testing the critical resistance level of $130, where it had bounced off in the days following Trump’s inauguration.
At the same time, the silver to Bitcoin’s gold has also recorded an explosive surge in daily trading volume, which rose by more than 180% to reach $1.54 Billion, according to data from CoinMarketCap.
Several other fundamentals could also be credited to LTC’s price jump today. First is the silent removal of references to the SEC vs. Ripple case on the SEC website, which traders interpreted as a win for altcoins with ETF prospects.
It could also be attributed to the bottled-up Litecoin buying pressure throughout January 2025. This is evidenced by the fact that more than 122,000 new Litecoin addresses have been added to the blockchain network during this period.
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Technical Analysis Points to a Bullish Run towards $200
The Litecoin price forecast currently leans bullish and these factors only serve to fuel the speculation that may eventually spark a breakout towards $200.
Before Thursday’s, Jan. 30, breakout, the LTCUSDT had formed a symmetrical triangle pattern that often precedes a breakout in either direction. Today’s price action has confirmed a bullish momentum as the altcoin tore above the critical resistance level of $130.
The upward price action is further reinforced by the MACD, which is trending upwards, signaling a steady growth of the bullish momentum. Should Litecoin bulls maintain this trend and break above the next resistance level of $140, they may aim for a 3-year high above $200.
