Amid a broader crypto market downturn, Litecoin (LTC) has surged by 7% today, reaching $130 and signaling a potential breakout ahead. This bullish move is accompanied by a remarkable 60% jump in daily trading volumes, surpassing $2.06 billion. Investors remain optimistic, driven by growing speculation surrounding the potential approval of a spot Litecoin ETF.
Litecoin’s Resilience and Bullish Outlook
Over the past month, Litecoin has been among the best-performing altcoins, defying the bearish trend gripping the broader market. While leading cryptocurrencies like Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) have recorded losses ranging from 25% to 35%, LTC has posted a notable 14% gain.
Veteran trader Peter Brandt has highlighted a promising technical setup for Litecoin, suggesting the potential for a flag-and-pole breakout. According to Brandt’s analysis, Litecoin’s price action from November to early December 2024 has formed a strong uptrend, followed by a consolidation phase. For LTC to initiate a run toward $200, it must first breach the critical resistance level at $140, which has historically acted as a barrier.
Actually an interesting chart case can be made for a swing trade in $LTC. But long term there will only be one standing https://t.co/h0pX7bK1T5 pic.twitter.com/PI6QuHK7Hd
— Peter Brandt (@PeterLBrandt) February 26, 2025
Further bolstering this bullish sentiment, the LTC/BTC trading pair has broken out of a three-month consolidation phase, showcasing Litecoin’s growing strength relative to other altcoins.
Rising Open Interest and ETF Speculation
Adding to the positive momentum, Litecoin’s open interest has surged by 15%, reaching $701 million, according to Coinglass. This spike indicates heightened trader confidence in continued LTC price appreciation, potentially fueled by increasing odds of a spot Litecoin ETF approval.
Bloomberg analysts currently estimate a 90% probability of Litecoin securing ETF approval—significantly higher than Solana’s 65% and XRP’s 70%. Whales have capitalized on the recent price dip to $106 by accumulating more LTC, reinforcing the bullish outlook.
Litecoin Foundation Expands Ecosystem with .LTC Domains
In a bid to enhance its ecosystem, the Litecoin Foundation has launched .LTC domains in collaboration with Unstoppable Domains. These personalized blockchain-based domain names aim to simplify cryptocurrency payments and improve community engagement within the Litecoin network.
Also Read: Nasdaq Seeks SEC Approval for Canary HBAR ETF as Crypto Investment Expands
As market sentiment remains strong and technical indicators align favorably, Litecoin’s potential for a breakout to $200 appears increasingly likely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
