On January 17th, Thursday, the crypto market experienced a notable uptick as Bitcoin price attempts to retake the $100k mark. Among the top 100 cryptocurrencies, Litecoin price takes the lead with a 20% surge amid the buzz around potential LTC ETF. The renewed recovery set the asset to challenge a resistance held for over 1000 days. Is a breakout imminent?
Currently, the LTC’s market cap stands at $9.65 Billion, and the 24-hour trading volume is at $2.58 Billion.
Key Highlights:
- Nasdaq filed a proposal with the SEC under Rule 19b-4 to list and trade the Canary Litecoin ETF,
- In the current correction, the $117 and $88 stands as key support for crypto buyers.
- The Litecoin price is 13.5% short from a decisive breakout of the cup and handle pattern..
Litecoin Price Soars as ETF Filing Sparks Bullish Momentum
In a three-day rally, the Litecoin price surged from $97.5 to $127.7, registering a growth of 31%. Thus, a bullish turnaround can be attributed to Nasdaq filing a proposal with the Securities and Exchange Commission (SEC) under Rule 19b-4 to list and trade the Canary Litecoin ETF.
This move signals what could potentially be the first altcoin ETF of 2025, marking a historic moment for Litecoin (LTC) and the broader altcoin market. If approved, this ETF could legitimize Litecoin in the eyes of traditional investors, potentially driving its demand and market profile.
Adding to the bullish note, the LTC futures open interest shows a sharp surge to $571 Million. This data from CoinGlass hits implies growing trader activity and heightened anticipation for potential price movement.
Cup&Handle Pattern Drives LTC Recovery
An analysis of Litecoin’s weekly chart shows the formation of a cup-and-handle pattern. The pattern displays a long accumulation zone since January 2022 and a temporary pullback to regain bullish momentum.
Currently trading at $127, the LTC price is 13.5% short from challenging the key neckline resistance of $144. The current momentum driven by broader market recovery and ETF buzz could likely surpass this barrier and flip to potential support.
The post-breakout rally could push the asset another 72% to hit $250.
On the contrary, if sellers defended neckline resistance, the current consolidation could prolong to next month.
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