Sign Up on MEXC
Highlights
- LTC price soars 7% on Monday, defying the broader market sentiment.
- The recent developments around an LTC ETF and Binance's enhanced offerings pave a bullish path for the token.
- Top market expert sees the coin hitting $128 ahead.
Litecoin price defied the broader crypto market turbulence on Monday, soaring nearly 7% amid recent advancements. The crypto saw renewed market interest fueled by the odds of an LTC ETF approval gaining weight. Further, with a leading crypto exchange expanding support for the token, investor sentiments about future performance remain optimistic. Notably, amid these bullish developments, a top crypto market expert further highlighted a potential $128 target looming for the token.
Analyst Predicts Litecoin Price Rally To $128 Amid ETF Buzz
Renowned market expert Carl Moon recently took to X, propelling immense bullishness for Litecoin price run ahead. Notably, per the analyst, LTC has bounced off the key support range at the $96 level and is now trading in the ascending triangle.
A sustained breakout above this triangle paves the way for a $128 price target ahead, per the analyst. LTC price traded at $113.65 as of press time, up roughly 7% intraday. The coin’s 24-hour bottom and peak were $102 and $113, respectively. Notably, the current trading session level is considerably above the mentioned support, projecting optimism on future movements.
Also, another crypto market analyst going by the name ‘XForceGlobal’ stated that ‘Litecoin is shaping up to be the next XRP.’ The analyst added that “The only missing piece is liquidity,” which could soon be witnessed, given the market sees an ETF-backed by the crypto soon.
LTC ETF Buzz Gains Traction
CoinGape previously reported that the US SEC is now seeking public comments on the conversion of Grayscale’s Litecoin Trust into an ETP (exchange-traded product). Notably, this development follows Grayscale‘s 19b-4 filing to convert its LTC Trust into an ETF.
Also, Coinshares submitted an S-1 form for the same. In light of these broader market advancements, investors remain bullish on Litecoin’s price ahead, as reaffirmed by market experts.
Binance Expands Support Solidifying Optimism
Meanwhile, crypto exchange giant Binance has recently expanded support for the mentioned token. According to an official announcement, the crypto exchange unveiled new Spot Grid and Spot DCA services for LTC/USDC on February 6.
As a result, traders remain optimistic about Litecoin price as enhanced offerings on one of the top crypto exchanges pave the way for further money inflow into the token’s ecosystem.
Derivatives Data Pours Additional Bullishness On LTC Price
Simultaneously, the derivatives market saw a surge of investors’ funds, adding bullishness over future movements. Coinglass data illustrated that LTC futures OI jumped nearly 11% to $551.13 million. Further, the derivatives market volume spiked 169% to $1.29 billion. In turn, market participants remain bullish on the chances of Litecoin price rally to $128, given that the broader crypto sector also recovers ahead.
- Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill
- Michael Saylor’s Strategy Fails To Make S&P 500 Listing, MSTR Stock Drops
- Solana Treasury Company SOL Strategies Gets Approval To List On Nasdaq
- Fidelity, Grayscale, VanEck Dump Ethereum Amid ETH Price Crash
- Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
