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- Litecoin price has moved in tandem with Bitcoin price in the past 30 days, amid ongoing gradual bullish breakout.
- The anticipated approval of spot Litecoin ETFs in the United States has sparked a sharp uptick in demand by institutional investors.
The rise of Bitcoin (BTC) price above $95.5k in the past two days, has sparked a surge in altcoin speculation, led by Litecoin (LTC). The demand for risky crypto assets has helped LTC price signal bullish sentiment, in the near future, especially after consolidating in the past few years.
According to the latest market data, LTC price surged over 14 percent in the last two weeks to trade about $87.38 on Friday, during the late North American session.
Midterm Expectations for LTC Price
In the weekly timeframe, LTC price has respected a rising logarithmic trend established in the past six years. Following the recent rebound, LTC price is well positioned to retest its all-time high above $359 in the near term.
For leveraged crypto traders, placing a stop loss slightly below $62 and a midterm target of about $359 will present a loss-to-win ratio of 0.42 to 2.9. The midterm bullish sentiment for LTC price is bolstered by the fact that the altcoin has formed higher high and higher low since late 2022 to date.
Fundamental Outlook for Litecoin Network
The Litecoin network has experienced significant growth in the past few years, catalyzed by the rising demand from institutional investors. Several fund managers – led by CoinShares, Grayscale, and Canary Capital – are seeking to offer spot LTC ETFs in the United States, in the near future.
As a result, the volume of larger transactions than $100k on the Litecoin network surged by $52.33 billion in the past seven days. According to market data from IntoTheBlock, LTC price recorded a correlation with BTC of 0.88 out of 1 in the past 30 days.
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