Will LTC reach $90? Insights on the Spot Litecoin ETF file
Social engagement surrounding Litecoin (LTC) has increased following the listing of a Litecoin Exchange Traded Fund (ETF) position in the United States. In the midst of this attention of the crypto community, the price of LTC has experienced an impressive price increase and is now poised for another significant rally in the coming days.
Growing social participation
According to data from an on-chain analytics firm, the number of followers on X (formerly Twitter) has seen a significant decline. However, following the LTC ETF filing, the asset has seen significant growth, fueled by increasing interest from community members.
Litecoin (LTC) technical analysis and upcoming levels
According to expert technical analysis, Litecoin (LTC) looks bullish and is currently facing strong resistance at the $76.8 level. However, LTC has gained over 20% in price over the past week. This significant price increase in a short period of time indicates growing investor interest in LTC.
Based on the recent performance, there is a high probability that LTC will rise by 18% to reach the $90 level in the coming days. On the other hand, October is historically a big month for the entire cryptocurrency market, further supporting the possibility of this target being reached in the near future.
LTC's Bullish On-Chain Metrics
LTC's positive outlook is further supported by chain metrics. LTC's long/short ratio is at 1.035, the highest since September 2024, according to chain analyst firm Coinbase. A long/short ratio above 1 indicates strong bullish sentiment among traders.
Additionally, LTC open interest jumped 7.36% in the last 24 hours and 3.15% in the last four hours. This growing open interest reflects investor interest and participation in LTC, which is likely due to the ETF filing.
At the time of press, LTC is currently trading at $75.15, a price increase of over 3.75% in the last 24 hours. In the same period, the trading volume decreased by 27%, which is compared to the previous day, the participation of traders decreased.
