Litecoin closed the weekly trade with the mighty dragonfly doji, which is powerful and hugely long. This has suggested the token is bracing itself for a strong price action, which has materialized since the start of the week. With this, Litecoin regained its position within the top 15 cryptos, surpassing Hedera, Shiba Inu, and Toncoin with a market capitalization close to $10 billion. In the times when traders thought LTC to be a ‘dead coin’, a more than 100% rise in the trading volume suggests they are considering the token.
The main reason why bulls, market participants, and whales have become bullish on Litecoin is the growing optimism around the ETF. Besides, a Bloomberg ETF analyst believes Litecoin ETF has the highest chance, of about 90% chance of approval, as LTC is not classified as a security, unlike XRP or SOL. Currently, the LTC price is displaying immense strength against USD and weekly SPF on the BTC pair. Therefore, the token looks extremely bullish as it is getting ready for a massive breakout towards $180 to $200.
The weekly chart of Litecoin appears to be extremely bullish, as the price is constantly forming higher highs and lows since the start of 2023. This suggests the bulls continued to accumulate strength for more than 20 months, and hence the upcoming breakout could trigger a monstrous rally. The previous touch points at the ascending resistance were not supported by bullish sentiments, while currently, the traders are optimistic following the speculation of an ETF approval. Hence, a continued ascending trend appears to be imminent, elevating the price towards the immediate target of $155.
On the other hand, the token is about to experience the very first weekly ‘Golden Cross’ with the 50-day & 200-day weekly MA heading towards a bullish crossover. The weekly Golden Cross with Bitcoin & Ethereum elevated the levels towards a new ATH and hence a similar price action is expected with the LTC price rally. Hence, if the Litecoin price manages to breach the resistances at $152, $167 and $198, a rise to $225 could be imminent, which may further offer a strong push towards a new ATH.
However, the Litecoin price rally does not appear to stop after reaching $400, as a rise to $500 seems to be imminent in this upcoming bull run.
Source: https://coinpedia.org/price-analysis/litecoin-price-surges-due-to-etf-fomo-with-the-first-weekly-golden-cross-is-a-new-ath-above-500-incoming/