Litecoin aims for 135 USD as the spot ETF launches on Nasdaq

The price of Litecoin (LTC) is currently hovering around the 99 USD mark in the trading session on Tuesday afternoon, extending last week's bullish trend of 7%. The launch of LTC's spot ETF on Nasdaq today has “ignited” market sentiment, attracting a strong influx of funds and boosting bullish expectations. Moreover, on-chain signals are also leaning towards a bullish scenario, as trading volume has surged to its highest level since mid-2023, while the spread of Litecoin on social media continues to accelerate impressively.

The Litecoin spot ETF will launch on Tuesday

Eric Balchunas – a senior ETF analyst at Bloomberg – stated in a post on X on Monday that the exchange announced a listing notice for Bitwise Solana, Canary Litecoin, and Canary HBAR, with an official launch planned for Tuesday.

He emphasized: “As long as there are no unexpected moves from the SEC at the last minute, everything seems to be on the right track.”

If given the “green light” today, the Litecoin ETF will become an important milestone for this asset. In addition to opening the door for investors to access Litecoin without directly holding it, the ETF also promises to significantly improve liquidity, increase recognition levels, and strengthen the foundation for the long-term prospects of LTC.

On-chain data of Litecoin records a bullish trend

According to data from Santiment, the trading volume of Litecoin surged from 127.31 million USD (on 18/10) to 157.94 million USD in Monday's session, reaching its highest level since June 2023. This momentum indicates that the flow of funds and investor interest in the LTC network is improving significantly, thereby providing additional support for the price.

LTC trading volume chart | Source: SantimentIn addition, social interaction activities related to Litecoin have surged, reflecting the growing excitement of the community and the market for this asset — an important signal reinforcing the growth prospects in the near future.

Litecoin Price Forecast: LTC Could Break Out If It Closes Above 104 USD

The price of Litecoin has broken through the weekly resistance level at 96.30 USD on Saturday, before continuing to rise an additional 3.15% in the next session. However, buying pressure weakened as LTC hit the 200-day EMA at 103.13 USD on Monday, causing the price to be temporarily rejected. By Tuesday evening, LTC was fluctuating around the mark of 99.78 USD, recording the market's state of consolidation.

If the bulls succeed in pushing the price above the 200-day EMA and closing above 104 USD, the bullish momentum may be significantly activated, directing the price towards the peak on 10/10 at 135.99 USD.

Daily LTC/USDT Chart | Source: TradingViewTechnical indicators are also signaling positively: RSI on the daily frame reached 48, approaching the neutral zone of 50, indicating that selling pressure is weakening and the opportunity for a bullish reversal is opening if RSI surpasses this threshold. At the same time, a bullish crossover on the MACD formed since Saturday continues to reinforce the optimistic outlook for LTC.

Conversely, in the case of a correction, the important support level at 96.30 USD remains a key point to monitor to limit the risk of a deeper decline.

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