Litecoin Price Near $99 After Recent Rally
Litecoin (LTC) price is around $99 at the time of writing on Tuesday. It gained 7% in the past week. The launch of LTC’s spot Exchange Traded Fund (ETF) on Nasdaq this Tuesday has sparked investor interest. On-chain data also shows strong signs, with transaction volumes at their highest since mid-2023. Social engagement around Litecoin is also increasing.
Litecoin Spot ETF to Launch on Nasdaq
Eric Balchunas, a senior ETF analyst at Bloomberg, confirmed on Monday that Nasdaq listed Bitwise Solana, Canary Litecoin, and Canary HBAR ETFs. All are set to debut Tuesday. Balchunas said, “Assuming there’s not some last-minute SEC intervention, it looks like this is happening.”
The Litecoin spot ETF would be a major milestone. It lets investors access LTC without holding it directly. This can improve LTC’s liquidity, legitimacy, and adoption over time.
On-Chain Data and Price Outlook
Santiment data shows Litecoin’s transaction volume rose from $127.31 million on October 18 to $157.94 million on Monday. This is the highest volume since June 2023. Higher transaction volume indicates more trader interest and better liquidity for LTC.
Social media engagement around Litecoin is also growing, which adds to positive market sentiment.
Litecoin’s price recently broke above the $96.30 weekly resistance and gained 3.15% on Sunday. It faced a small pullback near the 200-day EMA at $103.13 on Monday. LTC is currently around $99.78.
If LTC closes above the 200-day EMA and the $104 level, it could rally toward the October 10 high of $135.99. The Relative Strength Index (RSI) is 48, near neutral, suggesting less bearish pressure. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Saturday, signaling a buy.
However, if the price falls, support near $96.30 could be tested again.
