Litecoin (LTC) Price Prediction: Will LTC Hit $128 as ETF Rumors Swirl?

Litecoin (LTC) price displayed a significant upward movement in the last 24hrs. Market analysts and investors focus on the rising LTC price as they anticipate a possible approval for its exchange-traded fund (ETF).

Litecoin (LTC) price displayed a significant upward movement in the last 24hrs. The coin price surged by 9% to reach $113. Several factors contributed to this surge, including ETF speculation, Binance’s increased support for Litecoin, and rising activity in the futures and derivatives market.

Notably, Litecoin price surged in the wake of increasing talk about the prospects of an exchange-traded fund (ETF) backed by Litecoin. Several analysts have pointed to the $96 support level as a key factor in the coin’s recovery.

LTC price bounced off this range and began trading in an ascending triangle pattern. Throughout the last week, the coin price recovered from lows of $96 to reach highs of $113. A technical analysis also reveals the formation of a double bottom pattern, which adds to the bullish outlook.

Top market analyst Carl Moon came out to reaffirm his long-term bullish outlook of LTC, given the current trend and the potential ETF boost. According to Moon, Litecoin price could break through the current levels and reach a target of $128.

At the time of writing, LTC price is valued at $113.65 and has experienced a 9% increase from the previous day. The high and low for the day being $102-$113. With the price above the $96 mark, the bullish outlook for Litecoin seems to be strengthening for the short-term.

Besides the ETF speculation, the recent decision by Binance to extend its support to Litecoin has given a positive signal to the Litecoin token. The exchange also launched Spot Grid and Spot DCA services for LTC/USDC on 6th February. These enhancements will provide more tools to manage their positions, leading to an increase in Litecoin liquidity.

Furthermore, Binance support is crucial as it shows that institution interest is rising. This makes Binance an important player within the token’s ecosystem, as it broadens its services related to LTC. Such a move could attract more capital to Litecoin, which might cause a price spike depending on the overall market trend.

Another indication of the rising optimism surrounding Litecoin is the growth in the futures open interest and the derivatives market. According to data from Coinglass, LTC futures open interest increased by 11% to be equal to $551.13 million. This metric showcases the increasing involvement of institutional investors in Litecoin.

Moreover, the derivatives market also posted a huge increase of 169%, to be at $ 1.29 billion. This trend suggests that more traders are entering the market to profit from Litecoin price rise adding more weight to the $128 target.

Hence, the rise in derivatives market activity is a strong signal of investor confidence in Litecoin price trajectory. With an uptick in open interest and volume, there is growing anticipation that LTC could break through key resistance levels and make a significant move upward.

A recent report highlighted that Litecoin’s growing hashrate and increasing institutional accumulation are fueling bullish momentum. Grayscale’s LTC holdings surged from 1.4M to 2.1M in under a year, indicating strong institutional confidence in Litecoin. Meanwhile, the rising hashrate, currently at an all-time high of 2.24 PH/s, signifies enhanced network security and trust from miners.