The recent filing of the Litecoin Exchange Traded Fund (ETF) in the United States has sparked a surge in social engagement around Litecoin (LTC). This increased attention from the crypto community has led to a significant price surge for LTC, signaling a potential rally in the near future.
Growing Social Engagement
Data from an on-chain analytic firm shows that the number of followers on X (formerly Twitter) saw a decline before the LTC ETF filing. However, following the announcement, there has been a notable increase in interest and engagement with Litecoin within the community.
Litecoin (LTC) Technical Analysis and Upcoming Levels
Expert technical analysis suggests that Litecoin (LTC) is currently in a bullish trend and is facing strong resistance at the $76.8 level. Despite this resistance, LTC has seen a price surge of over 20% in the past week, indicating a growing interest from investors.
Based on recent performance, there is a strong possibility that LTC could rise by 18% to reach the $90 level in the coming days. The month of October historically tends to be bullish for the overall cryptocurrency market, further supporting the potential for LTC to reach this target soon.
LTC’s Bullish On-Chain Metrics
On-chain metrics also support a positive outlook for Litecoin. Coinglass, an on-chain analytics firm, reports that LTC’s Long/Short ratio is currently at 1.035, the highest it has been since September 2024. A ratio above 1 indicates a strong bullish sentiment among traders.
Additionally, LTC’s open interest has seen a significant increase of 7.36% over the past 24 hours and 3.15% over the past four hours. This growth in open interest suggests that investors are showing increased interest in LTC, likely due to the recent ETF filing.
At the time of writing, LTC is trading near $75.15 and has experienced a price surge of over 3.75% in the past 24 hours. However, trading volume has decreased by 27%, indicating a decline in participation from traders compared to the previous day.
Overall, the combination of growing social engagement, positive technical analysis, and bullish on-chain metrics suggest that Litecoin (LTC) is poised for another significant rally in the near future. Investors and traders should keep a close eye on LTC as it continues to show strong potential for growth.