Why Is Litecoin Price Up 15% Today?
After a significant crypto crash earlier in the week, the Litecoin price regained bullish momentum today. The LTC token has climbed 15% in the last few hours, increasing investors’ enthusiasm. Let’s discuss what’s fueling this rally and whether this will sustain or not. Reasons Why Litecoin Price Surges 15% Today Crypto investors are bullish after the January 29 FOMC meeting. Although the meeting was previously a restricting factor, its announcement of a halt on interest rate cuts has positively affected the crypto market. Interestingly, such macroeconomic events align with investor sentiment, boosting the price of digital assets, especially Bitcoin. After the FOMC, the Bitcoin price jumped 3% to $105.3k, triggering parallel gains in the other altcoins, such as LTC, which surged 15% to $125.90 per CoinmarketCap. Another catalyst behind the LTC price rally is the ETF discussion. The Litecoin ETF progress and new filings fuel investor sentiments, as they anticipate similar results to those of the Bitcoin ETF, creating a bullish stimulus for more growth. Litecoin ETF now has all the boxes checked. The first alt coin ETF of 2025 is about to be on the clock. I don’t see any reason why this would be withdrawn either given SEC gave comments on the S-1, litecoin is seen as commodity and there’s new SEC sheriff in town, said Bloomberg analyst Eric Balchunas. Recently, the US SEC requested public comments for Canary Capital Litecoin ETF, sparking the holders’ enthusiasm and catering to the ongoing surge. Additionally, the market stats clearly show that most altcoins are being oversold, which has allowed Litecoin to grow. However, the question is whether this growth will continue or become a victim of consolidation. Key Litecoin Price Levels To Watch After a 15% surge, Litecoin presently trades at $125.90 and has a market capitalization of $9.5B. Additionally, its trading volume has surged 70% to $1.04B, showing high investor interest. However, despite that, it has a long way to go to reach the prime at $412.96. The LTC/ USDT chart analysis shows the formation of a rounded bottom pattern, a bullish signal that indicates the possibility of a trend reversal from a downtrend to an uptrend. According to the chart, the key support level forms at $109.06 and $99.36, whereas the key resistance is at $135.94 and $162.12. A successful uptrend can push the Litecoin price to at least a two-year high of $158.92, followed by $196.34 per Fibonacci extension. However, a drop below $109.06 could trigger a further decline to $99.36. Overall, the LTC price charts show a bullish outlook, but investors must continuously monitor the key support and resistance levels to make the right decisions. Bottom Line The Litecoin price surge clearly reflects investors’ positive outlook, who are showing confidence in the asset amid macroeconomic and technological reasons. Bitcoin’s post-FOMC recovery, SEC’s response to ETF filings, and others are behind today’s uptrend, which could possibly continue due to the altcoin forming a rounded-bottomed pattern. With that, analysts’ LTC price prediction sees it hitting new heights near $200k or higher. However, a failure could result in a drop to $99.36, so investors must do proper research rather than building FOMO. Pooja Khardia With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market. As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.