Litecoin (LTC) has been making waves in the crypto market, with its price soaring by 11% over the past 24 hours. The altcoin reached a daily high of $131.67 before settling slightly lower at $127.19. This surge in price comes as analysts make bold predictions, with some forecasting that Litecoin could hit as high as $170 in the near future.
The recent price surge is tied to a major development in the Litecoin ecosystem—the United States Securities and Exchange Commission (SEC) has acknowledged a key filing for a spot Litecoin Exchange-Traded Fund (ETF) by Canary Capital. This marks a significant milestone for Litecoin, with the SEC’s recognition of the filing propelling market sentiment and driving the price upward.
One of the key factors behind Litecoin’s recent price movement is the SEC’s acceptance of the 19b-4 filing for the Canary Litecoin ETF. This filing, submitted by Canary Capital, is a crucial step in the approval process for a spot Litecoin ETF, which would enable investors to trade Litecoin on the traditional stock market via an ETF, similar to the popular Bitcoin ETFs.
The SEC’s move to publicly acknowledge the filing is a significant step forward in the approval process. The agency has now opened the floor for public comments, with 21 days for market participants and the public to provide feedback. This development is being closely watched by investors, analysts, and the broader crypto community, as it could have far-reaching implications for Litecoin’s future.
Bloomberg’s Senior ETF analyst, Eric Balchunas, pointed out that this is the first filing for an altcoin to reach such an advanced stage, making it a groundbreaking moment in the world of crypto ETFs. He further noted that this filing has ticked all the necessary boxes and is currently the furthest along compared to any previous altcoin ETF attempts.
On social media platforms like X (formerly Twitter), the sentiment surrounding Litecoin has become increasingly bullish. Many crypto enthusiasts are highlighting the impressive growth of Litecoin’s network, with one user noting a 400% increase in the network’s hash rate since the last significant breakout. Another user went even further, predicting that Litecoin could high to $2,000 by the end of the current bull cycle, although this prediction is more speculative.
On a more analytical note, the crypto analyst known as “Trade Pro” has been actively sharing insights about Litecoin’s performance. Trade Pro has highlighted a recurring pattern of “three-wave corrections” in Litecoin’s price movements. These three-wave corrections are typically seen in the charts of cryptocurrencies that experience a strong upward trend. The most recent correction ended on January 28, and according to Trade Pro, Litecoin’s price is poised to continue its upward trajectory, with a potential surge to $170, and even up to $295 in the coming days.
Looking at Litecoin’s technical charts, the altcoin is showing strong bullish momentum. In the latest daily candle, Litecoin surged 10.22%, indicating robust buying interest. LTC is currently trading above the 20-day Exponential Moving Average (EMA), a signal that the short-term trend remains bullish.
Moreover, the Relative Strength Index (RSI) stands at 59.29, indicating that Litecoin is approaching the overbought zone but still has room for further upside. This suggests that if Litecoin maintains support above the $120 level, it could continue testing resistance levels around the $130–$135 range in the short term. However, if the price fails to break through this resistance, a pullback to the $116 EMA zone may be in store.
The future of Litecoin looks promising, especially with the potential approval of the spot Litecoin ETF. As more institutional investors consider adding Litecoin to their portfolios, the altcoin could experience further price gains. Analysts are bullish on Litecoin’s long-term prospects, and many see the altcoin as a top contender for the best crypto investment of 2025.
With the SEC’s ongoing review of the Canary Litecoin ETF filing, the next few weeks could be pivotal for Litecoin’s price. If the SEC approves the filing or moves closer to approval, Litecoin’s bullish momentum could continue, pushing the altcoin toward new highs.
Conclusion:
Litecoin’s recent price surge is largely driven by the SEC’s acknowledgment of the Canary Litecoin ETF filing, signaling a new era for the altcoin. Analysts and market participants are optimistic about Litecoin’s future, with some even predicting a potential surge to $170 in the near future. As Litecoin continues to gain traction and attention, the coming weeks could reveal whether the altcoin’s price will continue its upward trajectory or face a temporary pullback.
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