The price of Litecoin rose vertically as it jumped for three consecutive days, reaching its highest level in almost a month.
Litecoin price (ltc) to $126, up 26% from this week's low. It was the second best performing coin after XDC Network (XDC).
Litecoin's rise is primarily due to rising hopes that the SEC will approve spot LTC. ETF from Canary Capital.
In a post These comments suggest the agency may eventually approve the fund.
Litecoin, a fork of Bitcoin, has a higher chance of approval compared to other projects such as Hedera Hashgraph (HBAR) and Solana. Both HBAR and Solana are proof-of-stake networks with staking features, which the SEC often considers to be unregistered securities.
A Polymarket survey with assets around $10,000 indicated that the odds of immediate approval for an LTC ETF had risen to 60%, from this week's low of 40%.
Analysts remain optimistic that the SEC, under Paul Atkins' leadership, will adopt a more positive stance toward cryptocurrency ETF approvals than under Gary Gensler's tenure.
However, it is still unclear whether the Litecoin ETF will attract significant capital from institutional investors. The data shows that institutional investors overwhelmingly favor Bitcoin, which has more than $120 billion in assets, compared to Ethereum's $12 billion in assets.
Litecoin price analysis
The daily chart shows that the price of LTC has gone parabolic over the past few days. This bounce occurred after the coin formed a double bottom pattern around $96. It has now risen above the neckline of this pattern at $117.17, the high of January 6.
Litecoin is also supported by the 100-day moving average, while both the Relative Strength Index (RSI) and MACD indicators are pointing higher. Therefore, the coin is likely to continue rising as the bulls target the next key level at $146, which was its highest point on December 5. This target represents an 18% increase from the current price.
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