Price Analysis

Litecoin Price Eyes $100 As LTC Joins $12T Fidelity AUM

Litecoin price rally regains momentum above the $70 support as investors embrace Fidelity’s LTC support alongside Bitcoin and Ethereum.
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Litecoin Price Eyes $100 As LTC Joins $12T Fidelity AUM

Highlights

  • Litecoin bulls strongly defend $70 support as a new trend reversal brews up.
  • Fidelity Digital Assets add support for LTC; the third cryptocurrency along with Bitcoin and Ethereum.
  • Litecoin eyes a major run up $100 as the cryptocurrency wakes up from mid-week correction.

Litecoin price rally came to a sudden halt this week following the general bearish sentiment across the market. After climbing from support at $56, LTC peaked at $74, depicting a strong bullish narrative.

A noticeable drop in the Litecoin futures open interest by 2.5% mirrors the challenges bulls are facing amid the attempt to defend $70 support and renew the push to $100 in July.

The subsequent drop in the weighted-OI funding rate to 0.005 according to Coinglass data hints at a prolonged decline in LTC price. Liquidations affected long positions significantly accounting for $293k of the total $312k.

Litecoin price hovered slightly above $70 during the US session on Monday, recording a 3.2% decrease. Both the trading volume and market cap experienced a downturn to $266 million and $5.2 billion, respectively, implying waning interest among investors.

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Fidelity Digital Assets Adds LTC

The Litecoin Foundation on Thursday shared a statement highlighting that Fidelity Digital Assets had extended support for LTC. Fidelity boasts over $12 trillion in assets under management (AUM).

Litecoin became the third cryptocurrency after Bitcoin and Ethereum to be accorded legendary support, exposing it to a large pool of institutional investors.

“We’re excited to share that Litecoin is now available to buy, sell, and trade through Fidelity Crypto®. Litecoin is the third cryptocurrency to be offered by Fidelity @DigitalAssets , along with #bitcoin and #ethereum,” Fidelity said in the statement.

The adoption of Litecoin by Fidelity demonstrates growing acceptance of the cryptocurrency as an asset institutional investors can hold. This development also elevates the maturity of the cryptocurrency industry.

Litecoin’s support could set the precedent for a spot exchange-traded fund (ETF) approval in the US. Bitcoin ETFs were licensed in January this year while Ethereum ETFs are expected to start trading next week following preliminary approvals by the SEC.

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Litecoin Price Rally Impending As Bulls Defend $70 Support

An analysis of the potential Litecoin rally shows a high probability of reaching $100 a few weeks. A major trend reversal is expected from the $70 support with  LTC price likely to close the gap to $80 over the weekend.

Litecoin price rally chart | Tradingview

After vehemently defending support at $70, the Litecoin price prediction shows signs of continuing to $80. Reclaiming support above the 50-day Exponential Moving Average (EMA) and a confluence formed by the 20-day EMA and the 200 EMA at $71.55 would go a long way to validate the uptrend.

Movement above the confluence resistance could reduce the impact of the sell signal from the Moving Average Convergence Divergence (MACD). A further Litecoin price rally will ensure that FOMO ignites above the $70 resistance, bringing $80 within reach.

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Frequently Asked Questions

What does Fidelity support mean for Litecoin?

Fidelity has over $12 trillion in AUM which will expose Litecoin to many institutional investors, further validating it as a global asset.

Can Litecoin continue the really to $100?

Following the correction, LTC rebounded from $70 support, showing signs of climbing to $80 and to $100 within weeks.

Is it a good time to buy Litecoin?

Based on the price analysis LTC has a lot of potential and might reach $100 in the coming weeks, hence investors may consider buying LTC right now.
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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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