Why Is Litecoin (LTC) Price Up Over 10% Today?

1d ago•

bullish:

bearish:

Coinspeaker
Why Is Litecoin (LTC) Price Up Over 10% Today?

Litecoin LTC $90.41 24h volatility: 7.5% Market cap: $6.86 B Vol. 24h: $432.71 M price has witnessed a swift momentum, gaining 13% earlier today, moving all the way to $92.5 levels, with daily trading volumes skyrocketing 66% to $900 million. Today’s LTC price movement comes as the broader crypto market recovers ahead of the FOMC meeting on Wednesday.

Litecoin (LTC) Price Action Forms God Candle On Lower Time-Frame

Litecoin price has gained massive traction on lower time frames after a decisive breakout from the horizontal trading range. The cryptocurrency surged past its resistance zone with a strong bullish candle, often referred to as a “god candle”, signaling renewed upward momentum.

Thoughts on #LTC LTF:$LTC on the LTF is looking solid here. After ranging inside a horizontal channel for a while, $LTC finally broke out with a clean god candle, smashing through the resistance zone. Now, $LTC is on its way down for a potential retest — and that retest also… pic.twitter.com/PV9nhxYpbo

— Alpha Crypto Signal (@alphacryptosign) May 7, 2025

Although following a partial pullback from the highs of $92.56 earlier today, LTC comes to retest the $90 support levels. If the altcoin manages to hold these support levels, it could witness fresh entry from traders.

LTC buyers have demonstrated strong momentum, breaking through key resistance levels. Some market analysts believe that if the Litecoin price sustains above $90, a potential rally towards the $140 zone could be on the horizon.

However, for this to happen, Litecoin must first break past the resistance of $100 on a near-term basis, where it’s been facing major resistance. However, the CoinGlass data shows that the bullish momentum is likely to continue, as LTC open interest jumps 14% to $651 million.

LTC Faces Volatility Amid Delays in ETF Approval

Earlier this week, the US Securities and Exchange Commission (SEC) decided to delay the decision on the Canary Funds Litecoin ETF approval, and has sought public comments by May-end.

However, the bullish price action continues as LTC continues to break past technical barriers. Market analysts are predicting a strong upside with 90% probability for approval by the year-end.

According to the filing, public comments are open until May 26, 2025, with rebuttals due by June 9, 2025. This delay highlights the agency’s cautious stance on cryptocurrency-linked financial products and its focus on safeguarding investor interests.

Over the past month, Litecoin has been showing strong momentum with 33% gains. If the FOMC provides enough catalyst, a breakout above $100 could happen soon.