As LTC ETF odds acquire momentum, a market expert predicts that the price of Litecoin will rise to $128 despite the volatility of the broader sector.
The price of Litecoin rose by nearly 7% on Monday, despite the broader crypto market turbulence, as a result of recent developments. The cryptocurrency experienced a surge in market interest as the likelihood of an LTC ETF approval increased. Additionally, investor sentiments regarding the token’s future performance remain optimistic due to a prominent crypto exchange’s support expansion.
Notably, a well-known crypto market expert also emphasized that a potential $128 target for the token is imminent amid these optimistic developments.
Litecoin Price Is Expected to Rally to $128 Due to ETF Buzz, Predicts Analyst
Renowned market expert Carl Moon recently took to X, igniting a surge of optimism for the future of the Litecoin price. The analyst has observed that LTC has rebounded off the critical support range at the $96 level and is currently trading in the ascending triangle. This is notable.
The analyst believes a sustained breakout above this triangle will facilitate a future price target of $128. As of press time, the price of LTC was $113.65, representing a 7% intraday increase. The 24-hour low and high of the coin were $102 and $113, respectively. It is important to note that the current trading session level is significantly higher than the support above, suggesting optimism regarding future movements.
Additionally, a crypto market analyst identified as ‘XForceGlobal’ declared that ‘Litecoin is on the brink of becoming the next XRP.’ The analyst further stated that “liquidity is the sole component that is currently lacking,” which could be observed shortly as the market anticipates the issuance of an ETF backed by cryptocurrency.
The LTC ETF Buzz is Gaining Momentum
It was previously reported that the US SEC is soliciting public input regarding converting Grayscale’s Litecoin Trust into an ETP (exchange-traded product). This development is particularly noteworthy in light of Grayscale’s 19b-4 filing, which seeks to transform its LTC Trust into an ETF.
Additionally, Coinshares submitted an S-1 form for the same purpose. In the context of these broader market developments, investors are optimistic about the future of Litecoin’s price, as confirmed by market experts.
Binance Enhances Its Support Stabilizing Optimism
In the interim, the token above has recently received additional support from the crypto exchange behemoth Binance. On February 6, the crypto exchange introduced new Spot Grid and Spot DCA services for LTC/USDC, as per an official announcement.
Consequently, traders are optimistic about the price of Litecoin, as the token’s ecosystem is poised to receive additional capital inflows due to the improved offerings on one of the most prominent crypto exchanges.
The data on derivatives further buoy the price of LTC
Concurrently, the derivatives market experienced a surge in investor funds, contributing to optimism regarding future movements. The OI of LTC futures increased roughly 11% to $551.13 million, as evidenced by Coinglass data.
Additionally, the volume of derivatives in the market increased by 169% to $1.29 billion. Consequently, market participants are optimistic about the potential for a Litecoin price increase to $128, as the broader crypto sector is also expected to recover shortly.
