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- Litecoin was the highest gainer in the top 100 coins over the past day, with its 10% rise propelling the price to $117 despite a broader industry dip.
- Analysts noted that LTC had broken out of an ascending triangle and is now surging toward $128, with the impending ETF approval expected to give the token a massive tailwind.
While the rest of the digital asset market traded sideways, and some, like Shiba Inu and Cardano, dipped marginally, Litecoin started the week on a high, leading the top 100 coins in gains, as analysts target further upside this week.
At press time, LTC trades at $116.68, gaining 9.6% over the past 24 hours as volume surged 140% to hit $1.1 billion, its highest over the past week. The token’s market cap stands at $8,78 billion at press time, making it the 19th highest in the industry ahead of Hyperliquid.
Litecoin’s overnight gains to start the week brought its total gains for the past 7 days to 18%. It also defied an industry slowdown in trading momentum, with the combined market cap only gaining 0.28% to stand at $3.19 trillion. Bitcoin, Ethereum, XRP, and BNB all gained less than 0.3%.
It’s a welcome change for Litecoin holders, who, early last week, saw the coin dip below its 200-week Exponential Moving Average of $86.22 before a quick rebound. LTC’s revival in the latter days of the week has seen its technical indicators reverse to bullish, with its Relative Strength Index over the past day at 54; on the four-hour chart, the RSI is at 69, indicating investors are quite bullish on LTC’s price. The long-to-short ratio on Coinalyze is at 1.9 for the past day; a reading above 1 is considered bullish as it shows more traders are betting long on an asset than shorting it.
Can Litecoin Hit $128 As ETF Approvals Loom?
Analysts are also bullish on Litecoin, which they believe could set the pace this week. Carl Moon, a renowned analyst and the founder of Crypto Jobs, noted that the token has been trading in an ascending triangle since its drastic dip at the start of February. With its recent surge, it has breached the upper trendline of the triangle and is headed for $128.
🧨 $LTC is breaking out of this ascending triangle as predicted! The target is $128🎯
Trade #Litecoin on Bitunix – https://t.co/GzXaATj3Ps and get a free $100 after your first $500 deposit! pic.twitter.com/UGD4Qq1aa5
— Carl Moon (@TheMoonCarl) February 10, 2025
Another analyst noted that on a long-term chart, Litecoin has been trading on an ascending pattern, and by 2027, it will have hit over $2,000.
(Source: 28 Crypto).
However, analysts warn that LTC’s momentum could be thwarted by a spike in sales. The token’s Network Realized Profit/Loss (NPL) on Santiment spiked sharply towards the end of the week, showing that its holders are selling their tokens at massive profits. This often leads to more holders selling their tokens to capitalize on the huge gains and, in time, creates selling pressure, which drags the price down.
LTC holders could be in for higher gains this year, with experts noting that the token will pump significantly if its exchange-traded funds (ETFs) are approved. As we reported last week, Grayscale filed with the SEC for approval to convert its Litecoin Trust into an ETF, a formula it has relied on for its other trusts, including BTC and ETH, which now trade as ETFs. The SEC, now under the pro-crypto stewardship of Mark Uyeda, is much friendlier to crypto, and experts predict that the agency will approve ETFs en masse for top coins, including LTC, Solana, and XRP.
