Why is Litecoin price up today?

Litecoin (LTC) surged by roughly 20% in the last 24 hours, climbing to around $120.50 on Jan. 16 as traders piled into the market following the buzz around Canary Capital’s recent Litecoin exchange-traded fund (ETF) update.

Crypto market cheers first Litecoin ETF filing

Canary Capital has filed an amended S-1 form for its proposed Canary Litecoin ETF, potentially positioning LTC as the next cryptocurrency to receive regulatory approval for an ETF in the US.

Bloomberg analysts highlighted the significance of the Jan. 15 filing, suggesting it aligns with industry speculation that the US Securities and Exchange Commission (SEC) is actively reviewing Litecoin-focused ETF applications.

“This development supports our view that Litecoin is the most likely candidate for the next crypto ETF approval,” said Bloomberg ETF analyst Eric Balchunas.

However, he also cautioned that an upcoming leadership transition at the SEC introduces a “significant variable” that could influence the timeline and outcome.

ETF speculation has fueled sharp rallies across cryptocurrencies like XRP (XRP), Solana (SOL), and Cardano (ADA) in recent weeks.

Related: XRP hits 7-year high as optimism outweighs SEC appeal concerns

Litecoin is experiencing similar upward momentum, driven by expectations that ETF approvals could pave the way for increased institutional adoption.

Litecoin whales and sharks accumulate LTC

Litecoin’s gains today appear after a week of accumulation by its richest traders and investors.

Onchain data from Santiment reveals that wallets holding at least 10,000 LTC have collectively added 250,000 LTC to their holdings over the past six days, signaling strong buying interest from influential market participants.

The accumulation began on Jan. 9 and has aligned with Litecoin’s price 25% uptick.

This renewed demand from high-volume investors highlights growing optimism around Litecoin’s potential, particularly as ETF speculation continues to dominate headlines, further driving institutional and retail interest in the asset.

Litecoin price eyes 30% gains

Litecoin’s gains today are part of a breakout move emerging from its prevailing descending triangle pattern.

Descending triangles during uptrends are typically considered bearish reversal patterns. But, in some cases, they signal bullish continuation trends if the price breaks above their upper trendlines.

On Jan. 15, LTC broke above the triangle’s upper trendline while accompanying rising volumes.

As a rule of technical analysis, the cryptocurrency can now rise by as much as the descending triangle’s maximum height, thus eyeing $157 as its upside target by February, or 32% gains in the coming weeks.

Conversely, a pullback below the broken trendline would invalidate this setup, with immediate support near the 50-day exponential moving average (50-day EMA; the red wave) at around $105.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Explore new destinations with ease using the Garmin Drive 52 GPS Navigator! With over 17,988 ratings and a solid 4.4/5-star rating, this GPS system has been a top choice for travelers. Over 500+ units were bought in the past month, all for only $144.99.

This 5″ GPS navigator comes with essential driver alerts, real-time travel data, and external memory storage. The simple on-screen menus and bright, easy-to-see maps make it easy to navigate wherever you are. Plus, it’s road trip-ready with The HISTORY Channel database, featuring notable historic sites and much more to enhance your journey.

Don’t miss out—get your hands on the Garmin Drive 52 today for a smoother ride ahead! Buy Now for $144.99 on Amazon!