"Litecoin Surges 7% Amid ETF Buzz, Experts Predict $128 Target"

Litecoin Price Eyes $128 Rally Amid LTC ETF Buzz, Top Experts Predict

Litecoin (LTC) price surged by nearly 7% on Monday, bucking the broader market trend. This rally comes amidst recent developments surrounding an LTC ETF and enhanced offerings from Binance, a leading crypto exchange. Top market experts predict a potential price target of $128 for the token.

Renowned market expert Carl Moon recently shared his bullish outlook for Litecoin on X, highlighting the token's bounce off the key support range at $96 and its current trading within an ascending triangle. According to Moon, a sustained breakout above this triangle could pave the way for a $128 price target. As of press time, LTC price traded at $113.65, up roughly 7% intraday, with the coin's 24-hour bottom and peak being $102 and $113, respectively.

Another crypto market analyst, 'XForceGlobal,' compared Litecoin to XRP, stating that the only missing piece for LTC is liquidity. The analyst believes that this could soon be addressed, given the market's anticipation of an LTC ETF.

The US Securities and Exchange Commission (SEC) is now seeking public comments on the conversion of Grayscale's Litecoin Trust into an ETP (exchange-traded product). This development follows Grayscale's 19b-4 filing to convert its LTC Trust into an ETF. Additionally, Coinshares submitted an S-1 form for the same. These broader market advancements have fueled investor optimism about Litecoin's price prospects.

Binance, a crypto exchange giant, recently expanded its support for Litecoin by unveiling new Spot Grid and Spot DCA services for LTC/USDC on February 6. This move has further solidified optimism among traders, who anticipate increased money inflow into the token's ecosystem.

Derivatives market data has also contributed to the bullish sentiment surrounding LTC. Futures OI jumped nearly 11% to $551.13 million, while the derivatives market volume spiked 169% to $1.29 billion. Market participants remain bullish on the chances of Litecoin price rallying to $128, given the broader crypto sector's potential