Litecoin worth defied the broader crypto market turbulence on Monday, hovering practically 7% amid latest developments. The crypto noticed renewed market curiosity fueled by the percentages of an LTC ETF approval gaining weight. Further, with a number one crypto trade increasing help for the token, investor sentiments about future efficiency stay optimistic. Notably, amid these bullish developments, a prime crypto market professional additional highlighted a possible $128 goal looming for the token.
Analyst Predicts Litecoin Price Rally To $128 Amid ETF Buzz
Renowned market professional Carl Moon just lately took to X, propelling immense bullishness for Litecoin worth run forward. Notably, per the analyst, LTC has bounced off the important thing help vary on the $96 stage and is now buying and selling within the ascending triangle.
A sustained breakout above this triangle paves the best way for a $128 worth goal forward, per the analyst. LTC worth traded at $113.65 as of press time, up roughly 7% intraday. The coin’s 24-hour backside and peak had been $102 and $113, respectively. Notably, the present buying and selling session stage is significantly above the talked about help, projecting optimism on future actions.
Also, one other crypto market analyst going by the title ‘XForceGlobal’ said that ‘Litecoin is shaping up to be the next XRP.’ The analyst added that “The only missing piece is liquidity,” which might quickly be witnessed, given the market sees an ETF-backed by the crypto quickly.
LTC ETF Buzz Gains Traction
CoinGape beforehand reported that the US SEC is now seeking public comments on the conversion of Grayscale’s Litecoin Trust into an ETP (exchange-traded product). Notably, this growth follows Grayscale‘s 19b-4 submitting to transform its LTC Trust into an ETF.
Also, Coinshares submitted an S-1 kind for a similar. In gentle of those broader market developments, traders stay bullish on Litecoin’s worth forward, as reaffirmed by market specialists.
Binance Expands Support Solidifying Optimism
Meanwhile, crypto trade big Binance has recently expanded support for the talked about token. According to an official announcement, the crypto trade unveiled new Spot Grid and Spot DCA companies for LTC/USDC on February 6.
As a outcome, merchants stay optimistic about Litecoin worth as enhanced choices on one of many prime crypto exchanges pave the best way for additional cash influx into the token’s ecosystem.
Derivatives Data Pours Additional Bullishness On LTC Price
Simultaneously, the derivatives market noticed a surge of traders’ funds, including bullishness over future actions. Coinglass data illustrated that LTC futures OI jumped practically 11% to $551.13 million. Further, the derivatives market quantity spiked 169% to $1.29 billion. In flip, market contributors stay bullish on the probabilities of Litecoin worth rally to $128, on condition that the broader crypto sector additionally recovers forward.
Coingape Staff
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