Litecoin Targets $128 Surge Amid Growing ETF Speculation, Experts Predict
Key Takeaways:
- LTC surges 7% on Monday, outperforming the overall market.
- LTC ETF speculation and Binance’s latest updates drive investor optimism.
- Experts foresee a potential rally toward $128.
Litecoin Defies Market Volatility, Gains Momentum
Litecoin’s price climbed nearly 7% on Monday, defying broader market turbulence. The renewed surge in investor interest comes as speculation around a potential LTC ETF gains traction. Additionally, Binance’s recent expansion of support for Litecoin has further bolstered market sentiment. Amid these developments, a prominent crypto analyst has projected a $128 price target for the asset.
Analyst Predicts LTC Rally to $128
Renowned market expert Carl Moon took to X (formerly Twitter) to express his bullish outlook on Litecoin’s price movement. According to Moon, LTC has bounced off key support at $96 and is now trading within an ascending triangle pattern.
If Litecoin breaks out of this pattern, the analyst believes a run to $128 is likely. As of the latest update, LTC is trading around $113.65, marking a 7% daily increase. The token’s 24-hour price range fluctuated between $102 and $113, further reinforcing bullish sentiment.
Another crypto analyst, XForceGlobal, compared Litecoin’s trajectory to XRP, emphasizing that liquidity remains the missing factor. However, if an LTC ETF gains approval, liquidity concerns may soon be resolved.
Growing Optimism Around an LTC ETF
According to recent reports, the U.S. SEC is now reviewing public comments regarding Grayscale’s proposal to convert its Litecoin Trust into an exchange-traded product (ETP). Grayscale recently filed a 19b-4 request, while CoinShares submitted an S-1 form for a similar purpose. These developments have fueled investor optimism regarding LTC’s long-term potential.
Binance’s Latest Support Strengthens Market Confidence
Meanwhile, Binance has expanded its offerings for Litecoin, announcing new Spot Grid and Spot DCA services for the LTC/USDC trading pair on February 6. This move has reinforced confidence among traders, increasing capital inflows into Litecoin’s ecosystem.
Derivatives Market Signals Additional Bullishness
Market data from Coinglass indicates a surge in Litecoin futures interest, further supporting bullish momentum. Open interest (OI) in LTC futures jumped 11% to $551.13 million, while derivatives trading volume skyrocketed 169% to $1.29 billion.
With strong market fundamentals and increasing speculation around an LTC ETF approval, analysts believe Litecoin is poised for further gains, potentially reaching the $128 target in the near term.
