Litecoin (LTC) surged by more than 2% on June 16, hitting a price of $88.41, as traders reacted to potential approval of a spot exchange-traded fund (ETF) amid a challenging geopolitical climate. The coin's value increased from $85.05 to $88 within 24 hours, supported by a trend of higher lows and substantial trading volume. Analysts from Bloomberg, Eric Balchunas and James Seyffart, estimate a 90% chance that the SEC will approve a spot ETF, while traders on Polymarket assess a 76% likelihood. Additionally, analysis from Santiment highlights an increase in whale holdings from 25.8 million to 27.8 million LTC since mid-April. Technical analysis shows signs of bullish reversal, characterized by a sequence of higher lows and highs, indicating an uptick in demand. A notable surge in trading volume suggests solid institutional interest. Support was firmly established at about $86.50, while resistance was successfully breached at $87.80 following intensified trading activity. The transition of resistance to support above $88 was driven by multiple buying waves, with one transaction alone involving nearly 28,000 tokens. The selling pressure has since decreased, reinforcing the bullish outlook for Litecoin's price movement.
Litecoin Jumps 2% as Whale Holdings Increase and Key Resistance is Surpassed
Litecoin's price rose over 2% amidst growing whale activity and positive expectations for ETF approval. This movement indicates bullish sentiment in the market.
Jamie Bennett
Crypto Analyst
5 min read
27,459
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
9/10
Credibility: 9/10
Trading Recommendation
LTC
LTC
BUY
Entry Price
$88.41
Confidence
80%
Stop Loss
$86.5
Take Profit
$90 - $92.5
With strong bullish momentum, broken resistance, and increasing whale holdings, a buy position is justified.
