Litecoin (LTC) experiences a significant price surge, climbing for three consecutive days and reaching its highest point in nearly a month.
The price of Litecoin has soared to $126, marking a 26% increase from its lowest value earlier this week. LTC is now positioned as the second-best performing cryptocurrency, following XDC Network (XDC).
This upward movement in Litecoin’s price is largely driven by increasing speculation that the Securities and Exchange Commission (SEC) may approve a spot LTC ETF proposed by Canary Capital.
Recent comments from the SEC indicate potential movement toward approving the fund, which has positively affected market sentiment.
Experts suggest that Litecoin has a better chance of receiving regulatory approval compared to other cryptocurrencies such as Hedera Hashgraph and Solana, which may be viewed as unregistered securities due to their proof-of-stake nature.
A recent poll indicated that the likelihood of a spot LTC ETF approval has risen to 60%, up from a low of 40% earlier this week.
Market analysts express optimism that the SEC will take a more supportive approach to crypto ETF approvals under current leadership, compared to previous regulations.
Despite the positive outlook for an LTC ETF, it is still uncertain whether it would attract significant capital from institutional investors, who largely favor Bitcoin over other cryptocurrencies.
Litecoin Price Analysis
The daily chart illustrates a parabolic rise in LTC’s price over recent days, following the formation of a double-bottom pattern around $96. The price has now surged beyond the neckline of this pattern at $117.17, its highest level since January 6.
Litecoin’s current momentum is further supported by the 100-day moving average, with the Relative Strength Index (RSI) and MACD indicators trending upwards. Analysts predict further gains, with bulls targeting the next key resistance level at $146, representing an 18% increase from current prices.
