Litecoin Price Eyes $128 Rally Amid LTC ETF Buzz, Top Experts Predict

Litecoin price defied the broader crypto market turbulence on Monday, soaring nearly 7% amid recent advancements. The crypto saw renewed market interest fueled by the odds of an LTC ETF approval gaining weight. Further, with a leading crypto exchange expanding support for the token, investor sentiments about future performance remain optimistic. Notably, amid these bullish developments, a top crypto market expert further highlighted a potential $128 target looming for the token.

Analyst Predicts Litecoin Price Rally To $128 Amid ETF Buzz

Renowned market expert Carl Moon recently took to X, propelling immense bullishness for Litecoin price run ahead. Notably, per the analyst, LTC has bounced off the key support range at the $96 level and is now trading in the ascending triangle.

A sustained breakout above this triangle paves the way for a $128 price target ahead, per the analyst. LTC price traded at $113.65 as of press time, up roughly 7% intraday. The coin’s 24-hour bottom and peak were $102 and $113, respectively. Notably, the current trading session level is considerably above the mentioned support, projecting optimism on future movements.

Also, another crypto market analyst going by the name ‘XForceGlobal’ stated that ‘Litecoin is shaping up to be the next XRP.’ The analyst added that “The only missing piece is liquidity,” which could soon be witnessed, given the market sees an ETF-backed by the crypto soon.

LTC ETF Buzz Gains Traction

CoinGape previously reported that the US SEC is now seeking public comments on the conversion of Grayscale’s Litecoin Trust into an ETP (exchange-traded product). Notably, this development follows Grayscale‘s 19b-4 filing to convert its LTC Trust into an ETF.

Also, Coinshares submitted an S-1 form for the same. In light of these broader market advancements, investors remain bullish on Litecoin’s price ahead, as reaffirmed by market experts.

Binance Expands Support Solidifying Optimism

Meanwhile, crypto exchange giant Binance has recently expanded support for the mentioned token. According to an official announcement, the crypto exchange unveiled new Spot Grid and Spot DCA services for LTC/USDC on February 6.

As a result, traders remain optimistic about Litecoin price as enhanced offerings on one of the top crypto exchanges pave the way for further money inflow into the token’s ecosystem.

Derivatives Data Pours Additional Bullishness On LTC Price

Simultaneously, the derivatives market saw a surge of investors’ funds, adding bullishness over future movements. Coinglass data illustrated that LTC futures OI jumped nearly 11% to $551.13 million. Further, the derivatives market volume spiked 169% to $1.29 billion. In turn, market participants remain bullish on the chances of Litecoin price rally to $128, given that the broader crypto sector also recovers ahead.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.