Litecoin Rises 7% as Analysts Predict 90% Chance of SEC Spot ETF Approval
Litecoin (LTC) has experienced a 7% surge, driven by analysts’ forecasts that the U.S. Securities and Exchange Commission (SEC) is likely to approve a spot Litecoin ETF, with a 90% probability of approval. This optimism has triggered renewed interest in the cryptocurrency, particularly among institutional investors.
According to Eric Balchunas, an analyst from Bloomberg, the growing consensus in the market suggests that a decision from the SEC on a Litecoin ETF could come soon. The approval would provide a gateway for institutional investors, potentially increasing Litecoin’s liquidity and market capitalization.
Key Market Highlights
- Litecoin broke through the $86 mark and is now testing key resistance levels around $87.50, with continued upward momentum.
- Analysts point to the $90 price target for Litecoin, given its strong performance and the anticipated SEC decision.
- The current upward trend is also backed by positive technical indicators, including a rising relative strength index (RSI), which suggests sustained bullish momentum.
- Litecoin’s market stability and recent performance have analysts bullish on its potential to hit $90, driven by the likelihood of the ETF approval.
- The expected approval of the Litecoin spot ETF by the SEC could make it easier for large-scale institutions to gain exposure to the asset, further propelling its growth.
- Litecoin’s rally is expected to persist with continued bullish sentiment, with many now watching for confirmation of the SEC decision that could see prices climb toward $90.
