Litecoin extended its last week’s gains, jumping by as much as 13% today on renewed hopes of Litecoin ETF approval and a rallying open interest rate that just hit a 4-year high at $800 Million. Is $150 incoming?
Litecoin prices have rallied by as much as 13% over the last 24 hours to hit a 30-day high of $139.40 – according to data from CoinMarketCap.
The daily trading volumes for the 12th most popular digital currency are also up by more than 65% to reach $1.93 Billion.
Much of the coin’s bullish price action today may be attributed to the renewed hopes of Litecoin ETF approval.
The ETF approval debate was triggered by Eric Balchunas, a senior analyst at Bloomberg who shared a post on X (formally Twitter) expounding on thoughts he has publicly shared before arguing that Litecoin has the highest chances of approval.
In the post, Balchunas stated that the odds of a Litecoin ETF being approved in 2025 have soared to 90%.
He further states that the coin has higher chances of approval than Dogecoin, Solana, and Ripple – even though the SEC has acknowledged receipt of all their ETF filings.
Litecoin’s bullish price action today was also triggered by a report that open interest in the coin had hit a new 4-year high.
Data from CoinGlass shows that the open interest for the digital asset has rallied from the lows of $180 Million six months ago to more than $800 Million today – a level last breached in early 2021 and just before the last bull market.
Can the Bullish Pressure Propel Litecoin Past $150?
At the time of writing, Litecoin is testing the key resistance level of $136 after escaping the local bottom of $100 and setting a new support around $120.
Key indicators also reveal that the general market’s bullish momentum towards Litecoin has been gathering pace.
At the current price, Litecoin is trading well above the 7-day moving average of $128, indicating a short-term bullish momentum.
It also trades above the 25-day and 99-day moving averages of $117 and $110, respectively- effectively confirming an uptrend.
The current RSI of 62.75 is further confirmation of the growing upside momentum.
The fact that it is still below the overbought region of 70 implies that there is still room for upside value gain for the digital asset.
Overall, forecasts for Litecoin’s future price action of massively bullish. If the current bullish force can help it breach the $136 resistance level, then they have a fighting chance of pushing it above $150.
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