The post Will Litecoin Price Hit $100 as ETF Hopes and Bitcoin Surge Fuels Momentum? appeared first on Coinpedia Fintech News
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.
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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.
