As Bitcoin surges past the $67,000 mark, Litecoin price gains momentum amid the broader market recovery. Adding a boost to the bullish sentiments, the recent move from the Canary Capital, filing an S-1 form for a Litecoin ETF with the U.S. Securities and Exchange Commission, increases the breakout rally possibility.
Will Litecoin surge beyond the $100 psychological mark if the Litecoin ETF is approved? Let’s find out now in Coinpedia’s Litecoin price analysis.
Litecoin Price Analysis
In the daily chart, the Litecoin price action projects a falling wedge breakout rally, gaining momentum and continuing a bullish trend. The uptrend stands at a crossroads, facing a confluence of resistance. It includes the 38.20% Fibonacci level, the overhead resistance trendline, and the dynamic resistance of 200 EMA.
The bull cycle within the rising channel pattern was propelled by the bull run in Bitcoin and the Litecoin ETF news. The bull run accounted for a nearly 10% price jump within two days, creating two consecutive bullish candles.
Currently, the Litecoin price trades at $70.50 and shows an overhead rejection, teasing a potential turnaround within the channel.
Technical Indicators:
MACD indicator: As the LTC is making a minor comeback, the MACD indicator shows a bullish crossover fueled by the resurfacing positive histograms.
EMA: The possibility of a golden crossover will significantly increase if Litecoin gives a bullish breakout of the rising channel.
Hence, the technical indicators bolster the bullish trend.
Will Litecoin Prices Surpass $80?
The uptrend continuation will solely depend upon the ability of Litecoin price to close above the 38.20% Fibonacci level. In case of a bullish breakout, the LTC price can reach a major resistance at 61.80% Fibonacci level, around $85.
Optimistically, if the Litecoin ETF is approved by the SEC, the sentimental boost could trigger a breakout rally toward the $100 psychological level. On the flip side, the crucial support for the LTC price is present at $60 and $56.
As Bitcoin targets $100k, are you curious about how high Litecoin will go in 2024? Check out Coinpedia’s Litecoin (LTC) price prediction to find price targets above $100.
