Litecoin (LTC) Price Rose by Almost 10% on Saturday, Becoming One of the Best-Performing Coins as the Odds of an Exchange-Traded Fund Approval Rose

Litecoin (LTC) rose for the third consecutive day, reaching its highest level since Jan. 18, and 47% above its lowest point this month.

Litecoin (LTC) price rose almost 10% on March 18, making it one of the best-performing coins as the odds of an exchange-traded fund (ETF) approval rose.

After rising for the third consecutive day, Litecoin reached its highest level since January 18, which is also 47% higher than its lowest point this month.

LTC price rose after CoinShares, a company with nearly $10 billion in assets, filed for a spot LTC ETF with the Securities and Exchange Commission. This follows Canary's application for a similar fund a few months ago.

Several crypto analysts are optimistic that the U.S. Securities and Exchange Commission (SEC) will approve a Litecoin ETF due to its similarity with Bitcoin. Litecoin is a Bitcoin hard fork and a proof-of-work cryptocurrency, which the SEC does not view as an unregistered security.

A Polymarket poll gives an 81% chance of the SEC approving the ETF application. Earlier this month, the agency requested some comments from Canary, which is usually a common step toward an approval.

“Litecoin ETF has all the boxes checked now. First altcoin ETF of 2025 is about to be on the clock. I don't see any reason why this would be withdrawn either given SEC gave comments on the S-1, litecoin is seen as commodity and there's new SEC sheriff in town.”

A Litecoin ETF approval will be positive for the coin as it may bring fresh institutional capital. However, recent trends in Ethereum (ETH) and Bitcoin (BTC) ETFs show that institutional demand may be thin.

Spot BTC ETFs have accumulated almost $40 billion in assets, while Ethereum funds have just $2.8 billion.

LTC price analysis: Awaiting a breakout

A glance at the weekly chart shows that the LTC price has bounced back from the 2022 low of $42.17 to near $130. It has moved above the key resistance level at $113.66, which was its highest swing in April last year and July 2023.

Litecoin has remained above the ascending trendline that connects the lowest swings since June 2022. It has also moved above the 50-week moving average and is forming a small bullish pennant chart pattern.

A break above the resistance at $147, which was its highest swing in December, will point to more gains, potentially to the psychological level at $200. If the coin drops below the support at $92.7, the uptrend will become invalid.