In the latest Litcoin news, LTC’s price has rallied by 10% in the last 24 hours and by as much as 20% over the past week as investors keep their hope for the approval of an LTC ETF high.
Multiple indicators have also hinted at a possible Litecoin rally after a breakout above the $100 support level.
Litecoin’s daily trading volume grew by more than 160% in the last 24 hours to $1.12 Billion. The LTC price also shot up by more than 10% to hit an intraday trading high of $118 earlier today, Feb. 10.
The rally effectively pushed its weekly gains above 20%, making it the best performer among the crypto market’s top 100, according to data from CoinMarketCap.
Much of the current excitement and news surrounding Litecoin may be attributed to the buzz about a possible ETF approval by the SEC.
It comes days after the SEC acknowledged the filing of a proposed spot Litecoin ETF by Grayscale, which many investors and analysts consider a great step towards potential approval.
While several other spot ETFs for leading altcoins, like Solana and Ripple, have been filed in the recent past, analysts have opined that a Litecoin ETF has the highest chances of approval, given its considerable similarities with Bitcoin.
Technical Analysis Hint at an Upcoming LTC Rally to $130
Litecoin’s price forecasts for the medium to longer term have been majorly bullish since breaking the critical resistance level of $75 three months ago.
Today, technical analysis of the altcoin confirms that it has set a new local bottom of around $100. It also shows that investor sentiment towards LTC has shifted bullish and that a break above $118 could serve as the coin’s Launchpad towards the key resistance level of $137.
The 1-day LTC/USDT chart shows a convergence of the MACD lines with the blue one crossing the signal one from below, reflecting a shift in sentiments towards a more bullish stance. The RSI has also gone up, from the lows of 41 witnessed last week to 54 today – further confirming the bullish reversal.
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