Litecoin (LTC) Price Prediction: Will LTC Hit $1000 and What Will Drive Its Price in 2023?

Litecoin (LTC) price fell over 5% in 24-hours to reach $129.37. Trading volume was dwindling despite rising expectations for an ETF approval.

Litecoin (LTC) price dropped over 5% in 24-hours to reach $129.37. Despite rising expectations for an ETF approval, trading volume was dwindling.

However, optimism is high among investors as market activity continues to grow and institutional interest builds.

Here's a closer look at Litecoin's price performance and the key factors influencing it.

Litecoin Price and Market Performance

* Market capitalization lowered by 4.96% and was at $9.7 billion.

* Trading volume for the 24-hour period was 26.01% lower at $1.34 billion. This level of volume further implies lower interest among investors.

* The prices were ranging and moving upwards with slight fluctuations from about $124.92 and reached as high as $140 but later retreated slightly.

* A series of buy signals were observed during the day due to dominance of a buying mood in the market. This is evidenced by volume to market cap ratio which stands at 13.74%, depicting trading activity.

ETF Approval Odds Rise to 84%

The sentiment in the market that a Litecoin ETF could be approved has increased to 84% for 2025. Indeed, as evidenced by Polymarket, a decentralized prediction market, it has steadily been increasing from around 60% to 84%. This is a sign of growing optimism among market players. It has $21,103 in the trading volume to show lively participation in this prediction market.

The possibility of Litecoin ETF approval is well supported by recent trends in the crypto space. This has caused many to believe that such a pattern could follow Litecoin as well. Also, the popularity and more stable price of Litecoin make it possible for institution investors to invest in it. The regulatory developments will only gather more pace and if continued will support the institution’s adoption thus a positive outlook for Litecoin.

Futures Open Interest and Market Sentiment

Per Coinglass data, futures open interest of Litecoin has ramped up which indicates a higher involvement of market players. Open interest is the total value of open futures contracts showing traders’ participation in the market.

Since November, both the open interest and the price are higher, thus, posting some of the high figures on the given chart.

Data further reveals that Litecoin price has always moved in tandem with the open interest rates in the past. When open interest rises, it is usually a call to the current prices since more traders are taking positions expecting the prices to rise in the future.

On the other hand, decline in open interest has been marked during corrections in the prices as in July and November. The previous increase in the price together with the increase of the open interest signifies the rise in the buyers’ sentiment, but at the same time, tends to show volatility.

Given that the price is now going down, this picture is somewhat changing.

Litecoin Price Market Outlook and Key Resistance Levels

Currently, Litecoin price is trading below 140 and such technical level is thus crucial in determining breakout or pullback. According to this chart, the price has a potential of moving further up if it sustains its strength above 140 in the short term.

At the time of writing, there was a retracement back to the $130 level brought on by rising selling pressure. Sudden large variations in the open interest level may result in fast changes in prices due to profitable selling or liquidation.