Popular Altcoin surprised investors by gaining approximately 15 percent in the last 24 hours. Bitcoin’s post -FOMC rise and positive developments about possible ETF accelerated the price of Altcoin. However, will this rise continue or will the decline begin? Here are the details!
Why did the popular Altcoin Litecoin rose? Is Litecoin ETF released?
The crypto market began to recover after January 29th FOMC meeting. The Fed’s fact that the interest rates constant in the range of 4.25% -4.5% increased investor confidence. Bitcoin, 3 %after the decision reached $ 105,300. This ascension also triggered the subcoins. Litecoin gained 15% and increased to $ 125.90. But that’s not the only reason for the rise. New developments about Litecoin ETF excited investors even more excited.
Bloomberg analyst Eric Balchunas said Litecoin ETF is very close to receiving approval. SEC began to collect public opinion for the application of Canary Capital Litecoin ETF. Litecoin has received a strong demand by winning more than 122,000 new investors. The daily transaction volume has exceeded $ 2.85 billion, which shows that large investors have entered the market. If ETF approval comes, the price of Litecoin can reach new peaks.
Critical levels for Litecoin price
Litecoin is currently trading at $ 125.90 and the market value is $ 9.5 billion. However, the highest level is still far from $ 412.96.
Technical analysis shows that the round foot formation occurs. This formation points to the rise trend. If the support levels of $ 109.06 and $ 99.36 are preserved, the price of LTC may be up to 158.92 and $ 196.34. However, if it goes below 109 dollars, it may drop to $ 99.36.
Does Litecoin go to $ 200?
The price of Litecoin is in a powerful upward trend depending on the direction of Bitcoin and ETF developments. The round foot formation points to new peaks in the long run.
If the positive atmosphere in the market continues, Litecoin can reach $ 196. However, investors need to carefully monitor their support and resistance levels. It is of great importance to process at the right time without getting into Fomo!
