Litecoin Soars 7% with 90% Chance of SEC Spot ETF Approval, Says Analyst

Litecoin Spikes 7% as Analysts Predict 90% Probability of SEC Spot ETF Approval

Litecoin (LTC) surged by over 7% this week, outperforming the broader market despite ongoing global uncertainties. The rally follows predictions from analysts that the chances of the U.S. Securities and Exchange Commission (SEC) approving a spot Litecoin ETF have reached 90%, significantly raising optimism among institutional investors.

Eric Balchunas, Senior ETF Analyst at Bloomberg, stated that the likelihood of a spot Litecoin ETF approval is rapidly increasing, with a crucial decision expected by October 2nd. Should the SEC approve the ETF, it could trigger a major influx of institutional capital into LTC, further boosting its price.

Market and Technical Breakdown

• LTC-USD witnessed significant price movement, hitting a 7.51% trading range ($81.82–$88.03), consolidating above the $84.00 mark.
• The asset’s technical indicators point to strong buying interest, particularly at critical Fibonacci retracement levels, signaling potential for continued upward momentum.
• Recent price action formed an ascending channel, indicating that LTC may soon test its next resistance level at $88.50 if the $85.50 support remains intact.
• A steady rise in buying pressure has been observed since reclaiming the $86.00 zone, with $87.00 acting as a key support level.
• In the last trading hour, Litecoin regained strength, reaching a close near $87.19, just shy of $87.25, signaling continued optimism for the coming sessions.
• If LTC maintains its bullish momentum and holds the $86.00–$87.00 range, a move toward $88.00 remains likely, with analysts suggesting further upside potential as SEC approval becomes more probable.