LTC jumps over 7% as ETF approval odds rise

The Litecoin price rose on 10 February and broke from his recent consolidation phase, because optimism around the potential approval of a spot LTC ETF will remain strong this year.

Litecoin (LTC) collected more than 10% on Monday to an intraday highlight of $ 114.33. It has now risen 104% compared to the lowest point in 2024. The Altcoin’s Market Cap was more than $ 8.5 billion, while the daily trade volume doubled to almost $ 1 billion.

The largest driver behind the LTC price dump is the growing expectation of a place that Litecoin ETF gets the green light from the US Securities and Exchange Commission by the end of the year. Polymarket data show that the chance of approval has risen to 81%, with most traders gambling on a launch this year.

While other crypto -eetfs, such as those for Solana (SOL) and Hedera (HBBB), are in the pipeline, the SEC can be more open to approving a litecoin ETF because of the similarities with Bitcoin. Earlier, Bloomberg analyst Eric Balchunas speculated that Litecoin could be the next cryptocurrency to get an ETF, referring to the ‘Chatter’ industry.

Litecoin, a Bitcoin (BTC) hard fork, works just like BTC on a proof-of-work network, which means that the SEC regards it as a digital raw material. So there is really no good reason for the desk to refuse a litecoin ETF.

The price of the Altcoin is therefore expected to rise because traders bet on a higher institutional demand prior to the ETF approval.

Strong on-chain statistics support LTC Rally

The current LTC Rally was supported by solid Fundamentals. According to Coinglass factsOpen interest in the LTC Futuresmarkt has risen by 10.8% to $ 549 million in the past day, with a positively weighted financing figure, which means that the majority of traders are of the opinion that prices will rise higher.

Furthermore, the total number of LTC holders has risen last week, per santiment data.

In the meantime, large LTC holders, in particular those from 10k-100k LTC, have also increased in the last 10 days.

Current accumulation patterns reflect the trust of traders in LTC, which is clear by the weighted social sentiment, which has also improved in recent days.

On the 1-day LTC/USDT price diagram, the MACD line is ready to cross over the signal line, which can indicate a bullish reversal. In the meantime, the RSI has risen to 54, which has moved above the neutral mark, which means that the momentum is shifting in favor of the bulls, although a movement to 60-70 would offer a stronger confirmation.

In addition, the Chaikin Money Flow Index suggests a strong purchasing pressure that supports the current meeting of LTC with a positive lecture, powered by an inflow of new money or capital.

According to Litecoin could collect in the short term for pseudonym Carl Moon. In particular, LTC is broken from an increasing triangular pattern, a bullish signal that usually indicates a shift from consolidation to upward price momentum. As shown in the 4-hour graph that he shared in a recent X-post, the outbreak took place on 10 February, with the measured movement of the pattern to a purpose of $ 128.

In the meantime, fellow analyst Santolita expects LTC to reach $ 200 at the end of February. (See below.)

At the time of Press, LTC exchanged hands at $ 117.05 per coin.