Litecoin Gains 7.6% on ETF Hopes, Analysts Predict Bullish Future
- Litecoin (LTC) surgd 7.69% to $71.45, fuld by xcitmnt ovr potntil spot ETF.
- Cnry Cpitl fild for spot Litecoin ETF, iming to nhnc institutionl mrkt prticiption.
- Anlysts prdict bullish cycl for LTC, with pric trgts potntilly rching $200-$300 long-trm.
Th tids my b turning for Litecoin (LTC) s th digitl currncy xprincd significnt pric jump in th lst 24 hours. LTC surgd roughly 7.69%, rching round $71.45 on Octobr 16th, fuld by growing xcitmnt surrounding potntil spot Litecoin xchng-trdd fund (ETF) filing by sst mngr Cnry Cpitl.
According to S-1 filings submittd on Octobr 15th, th sst mngr hs rgistrd documnts with US rgultors sking pprovl for spot Litecoin ETF. This proposd ETF ims to dirctly hold Litecoin, mirroring th prformnc of th CoinDsk Litecoin Pric Indx (LTX).
Th potntil rrivl of spot Litecoin ETF could b gm-chngr for institutionl invstors. By offring mor dirct xposur option, th ETF could pv th wy for incrsd institutionl involvmnt in th Litecoin mrkt, furthr lgitimizing th cryptocurrncy.
Analysts Bullish on Litecoins Future
Th nws of th potntil ETF hs ignitd wv of optimism mong crypto nlysts, prticulrly considring its currnt position s n undrprformr. Comprd to th brodr crypto mrkts dclin of pproximtly 15%, LTC rmins significntly down, hovring ovr 80% blow its rcord high of round $413.65 st in My 2021.
Svrl nlysts s th potntil ETF s ctlyst for nw bull cycl for cryptocurrncy. Anlyst 28 Crypto blivs th ETF, coupld with bullish tchnicl scnrio on th LTC/USD monthly chrt, could triggr significnt pric upswing. Th chrt suggsts tht LTC hs bn trding within n scnding prlll chnnl for svrl yrs, historicl indictor tht oftn prcds brkout.
28 Crypto highlights th potntil for surg towrds th $200-$300 rng, with long-trm Fiboncci xtnsion trgt xcding $2,000.
Anlyst Invsting Hvn chos th bullish sntimnt, suggsting tht LTCs currnt trding rng prsnts prim buy th dip opportunity. H rgus tht th pric is likly to hd towrds its Jun rsistnc trgt of round $88, potntilly offring solid long-trm ntry point for invstors.
Traders Position for Price Increases
Th positiv sntimnt surrounding Cnry Cpitls ETF filing xtnds byond nlyst projctions. Opn intrst in th Litecoin futurs mrkt hs climbd to its highst lvl in thr months, rching $258.94 million on Octobr 16th, comprd to $232 million th prvious dy. This significnt ris in opn intrst signifis tht trdrs r positioning thmslvs for furthr pric incrss, strong indiction of bullish momntum.
Furthrmor, th mrkts positiv funding rts, currntly t 0.262% pr wk, suggst tht trdrs r willing to py prmium to mintin long positions on LTC. This rinforcs th upwrd trnd nd rflcts growing confidnc in th cryptocurrncys futur.
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Read more: https://www.tronweekly.com/litecoin-gains-7-5-on-etf-hopes/
Text source: TronWeekly
