Litecoin surges 4% to $85.45 on global stress easing and ETF hopes

Litecoin's price surged by 4% to reach $85.45, maintaining its position near $84 with above-average trading volume. This indicates a strong conviction behind the breakout. The recent price movement suggests that Litecoin is bouncing between support levels of $84.00-$84.20 and resistance levels of $85.30-$85.45. The price burst through the $83.40 ceiling, with a significant volume of 331,459 LTC traded in a single hour. This upward movement was supported by a descending intraday channel that printed lower highs until buyers defended the $84.20 level. Holding above $84 keeps the $90 level in play, while a close below $84 risks a slide to $79.

An easing in global stress, particularly a supposed ceasefire between Israel and Iran, contributed to Litecoin's price increase. However, the next significant catalyst for Litecoin's price could be regulatory. The U.S. Securities and Exchange Commission is currently reviewing two bids for a spot Litecoin ETF. If approved, this would open LTC exposure to investors who bet on crypto through traditional brokerages. According to analysts' forecasts, there is an 83% chance of a spot LTC ETF approval this year, with some analysts seeing a 95% chance of approval. This regulatory development could further boost Litecoin's price and market sentiment.