Can Litecoin Price Hit $50,000 if Spot LTC ETF is Approved?

Litecoin (LTC) price is gaining momentum, surging in the past 24 hours as bullish sentiment rises. The rally follows the U.S. SEC’s review of the Canary Spot Litecoin ETF application. LTC is holding above the critical $100 support level, fueling speculation about its long-term potential. Investors are now questioning whether approval could push Litecoin toward an ambitious $50,000 valuation.

Will Litecoin Price Rally to $50,000 if a Spot ETF is Finally Approved?

Litecoin price is gaining attention as analysts speculate a massive rally if a spot ETF receives regulatory approval. A crypto analyst claims that Litecoin’s chart structure is one of the strongest in the market. According to recent projections, a potential exchange-traded fund (ETF) could act as a key catalyst, driving Litecoin into five-digit territory.

The forecast suggests that Litecoin’s long-term price action mirrors previous bullish cycles. Market observers argue that an ETF approval could accelerate institutional adoption, leading to increased liquidity and higher valuations. If historical patterns hold, Litecoin could see exponential gains similar to Bitcoin’s performance following ETF endorsements.

A major factor fueling speculation is Litecoin’s structural correlation with Bitcoin. Analysts note that previous bull runs in Bitcoin often resulted in strong Litecoin rallies. With institutional interest rising in crypto-based financial products, a Litecoin ETF could attract large-scale investments, pushing prices higher.

Despite the optimism, regulatory challenges remain. The U.S. Securities and Exchange Commission (SEC) has been cautious with crypto ETFs, approving only a handful. However, recent Bitcoin ETF approvals indicate shifting regulatory sentiment, which could favor Litecoin in the future.

For now, Litecoin trades significantly below five-digit levels. However, if an ETF gains approval, the projected price of $50,000 could become a reality. As the market awaits regulatory decisions, traders and analysts remain watchful of potential bullish catalysts.

Litecoin Technical Analysis

The latest LTC price hovered at $101.54, marking a 0.66% decline in the last 24-hours. Litecoin faced resistance at around $120, with a key support level at $100. The price movement reflects increased selling pressure, keeping the asset below critical resistance zones.

The Relative Strength Index (RSI) at 38 signals weak momentum, hovering near the oversold territory. If the RSI rebounds above 50, it could indicate renewed bullish sentiment.

The Chaikin Money Flow (CMF) at 0.02 suggests neutral buying pressure, indicating a balance between inflows and outflow.

Will LTC Price Hit $120 Level This Week?

Litecoin price prediction remains in a tight range between $100 and $120, with a breakout above the latter potentially paving the way toward $150. If bearish sentiment persists, a breakdown below $100 could expose Litecoin to deeper losses.

Litecoin’s price trajectory hinges on ETF approval, with speculation pointing to a potential surge. A successful launch could drive institutional adoption and increase demand. However, regulatory hurdles persist, making $50,000 an ambitious target despite Litecoin’s bullish market sentiment.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.