Litecoin Makes Surprise 14% Rally—Analyst Eyes A Move To $128

Rising by 14% in the face of a broad general market volatility, Litecoin (LTC) is once more displaying its strength in the crypto scene. LTC dropped briefly to $102, then swiftly recovered and today rests securely above the $120 support zone.

As positive momentum builds, experts are wondering whether Litecoin can reach the next crucial level: $128. At its current price of $127, it’s just a matter of time (hours?) before LTC can easily hit $128.

Strong Recovery After Market Dip

Traders have been drawn to Litecoin lately, particularly given its remarkable 25% increase

over the past 30 days. LTC has kept a consistent climb while Bitcoin and other big cryptocurrencies have somewhat been shaken.

Litecoin dropped momentarily to $105 on February 10 then quickly recovered, indicating substantial buyer demand at reduced levels. Now considered as a crucial support zone, the $120 mark will help LTC brace for another leg up as long as it holds.

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Market Sentinel Sees A Move To $128 And Above

With some experts seeing a breakthrough toward $128 in the near term, market watchers are upbeat about Litecoin’s trajectory.

Should positive sentiment persist, the next main obstacle falls between $128 and $130. A clean break above this area would let the door open for a push toward $150 or possibly $170 in the next weeks.

The past performance of Litecoin in pre- and post-halving cycles is one of the elements fostering this optimistic view. Some analysts contend that Litecoin’s present surge is still part of its extended bullish phase.

Litecoin ETF Speculation Adds Fuel To The Fire

Speculation about a possible Litecoin exchange-traded fund (ETF) is another main driver behind Litecoin’s current surge. Although Bitcoin ETFs are already causing stir in the market, investors are also considering other assets that would profit from same regulatory approval.

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Should an LTC ETF be greenlit – which at the time of writing has a solid 90% odds of approval, according to an X user – it would give institutional investors a controlled approach to expose themselves to crypto, hence maybe generating large asset inflows.

While no official confirmation has been made, growing speculation alone has been enough to spark increased interest in LTC.

Litecoin: What’s Next?

Litecoin is barely one dollar away from its target, and all eyes are on whether it can surpass the $128 barrier level, according crypto analyst Carl Moon. Should the overall market stay steady and sentiment remain favorable, a move past $130 could be just ahead.

Featured image from Gemini Imagen, chart from TradingView