"Litecoin Surges: ETF FOMO and Golden Cross Spark ATH Hopes"

Generated by AI AgentCoin World
Tuesday, Feb 11, 2025 12:47 am ET1min read
LTC
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Litecoin's price has surged recently, driven by a phenomenon known as "ETF FOMO" (Fear Of Missing Out) and the first weekly "Golden Cross" in over two years. This has sparked speculation that the cryptocurrency could reach a new all-time high (ATH) above $500.

Litecoin closed the week with a powerful dragonfly doji candlestick pattern, indicating a strong bullish sentiment. This has led to a significant increase in trading volume, with Litecoin regaining its position among the top 15 cryptocurrencies by market capitalization. Traders who previously dismissed Litecoin as a "dead coin" are now reconsidering their stance.

The primary reason for the growing optimism around Litecoin is the increasing likelihood of an ETF approval. A Bloomberg ETF analyst has estimated a 90% chance of Litecoin ETF approval, as LTC is not classified as a security like XRP or SOL. Currently, Litecoin is displaying remarkable strength against the USD and weekly SPF on the BTC pair, suggesting a potential breakout towards $180 to $200.

The weekly chart of Litecoin paints an extremely bullish picture, with the price forming higher highs and lows since the beginning of 2023. This indicates that bulls have been accumulating strength for over 20 months, setting the stage for a massive rally. The previous touch points at the ascending resistance were not supported by bullish sentiments, but the current optimism surrounding the potential ETF approval suggests a continued ascending trend. This could push the price towards the immediate target of $155.

Moreover, Litecoin is on the cusp of experiencing its first weekly "Golden Cross" in over two years, with the 50-day and 200-day weekly moving averages (MAs) poised for a bullish crossover. Historically, such events have triggered significant price rallies for Bitcoin and Ethereum, leading to new all-time highs. If Litecoin manages to breach the resistances at $152, $167, and $198, a rise to $225 could be imminent, potentially paving the way for a new ATH.

However, the Litecoin price rally does not appear to be slowing down at $400. Analyst