Litecoin Surges 7% Amid 90% Spot ETF Approval Odds and Technical Momentum

Litecoin (LTC) jumped over 7% on Thursday, outperforming the CoinDesk 20 Index’s 4% gain, fueled by rising optimism around a potential spot Litecoin ETF approval. Bloomberg’s Senior ETF Analyst Eric Balchunas updated the market, stating the chances of approval have surged to 90%, with a final decision deadline set for October 2. If approved, the ETF could significantly broaden LTC’s appeal among institutional investors and potentially drive further price appreciation.

On the technical side, LTC traded within a 7.51% intraday range, between $81.82 and $88.03, showing strong support around $84.00. The price broke above the $86.00 resistance level, forming an ascending channel and confirming bullish momentum. CoinDesk Research's analysis noted key accumulation at Fibonacci retracement levels and increasing buying volume during the recovery, especially during the 14:14-14:17 UTC period when LTC reclaimed the critical $87.00 psychological level.

LTC closed the day at $87.19, just below the $87.25 resistance, following a pattern of higher lows and higher highs that suggest a bullish continuation. If the $87.00 support holds, analysts expect a move toward the $88.50 resistance level. The combination of strong technical signals and surging ETF speculation presents a favorable setup for continued upward movement.

As market attention shifts to upcoming ETF decisions, Litecoin's price trajectory may remain closely tied to regulatory developments. Traders and investors are now eyeing October 2 as a potential turning point for LTC’s market structure and institutional adoption.