Analysis

Will LTC Hit $90? Insights on the Spot Litecoin ETF Filing

Published

1 year ago

October 19, 2024

Following the submitting of the Spot Litecoin Alternate Traded Fund (ETF) in america, social engagement round Litecoin (LTC) has skyrocketed. Amid this consideration from the crypto group, LTC value has seen a powerful value enhance and is now poised for an additional main rally within the coming days.

Based on knowledge from an on-chain analytics agency, the variety of followers on X (previously Twitter) has dropped noticeably. Nevertheless, following the LTC ETF’s submitting, the asset has proven important progress, indicating rising curiosity from group members.

Litecoin (LTC) technical evaluation and upcoming ranges

Based on knowledgeable technical evaluation, Litecoin (LTC) seems bullish and is presently going through sturdy resistance on the $76.8 stage. Nevertheless, LTC has already seen a value enhance of greater than 20% prior to now week. This outstanding value enhance in such a brief interval signifies rising investor curiosity in LTC.

Based mostly on latest efficiency, there’s a excessive likelihood that LTC may rise 18% to succeed in the $90 stage within the coming days. However, October is traditionally a bullish month for the general cryptocurrency market, additional supporting the chance of this purpose being achieved within the close to future.

LTC’s bullish on-chain metrics

LTC’s optimistic outlook is additional supported by on-chain metrics. Based on on-chain analytics agency Coinglass, LTC’s Lengthy/Brief ratio presently stands at 1.035, the best since September 2024. An extended/quick worth above 1 signifies sturdy bullish sentiment amongst merchants.

Moreover, LTC open curiosity has elevated by 7.36% over the previous 24 hours and three.15% over the previous 4 hours. This rising open curiosity signifies investor curiosity and participation in LTC, probably on account of the ETF submitting.

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On the time of writing, LTC is presently buying and selling close to $75.15 and has skilled a value enhance of over 3.75% within the final 24 hours. Throughout the identical interval, buying and selling quantity fell by 27%, indicating that dealer participation has decreased from the day earlier than.