Litecoin Price Targets $128 as Market Sentiment Strengthens

• Litecoin’s breakout could target $128 as ETF approval speculation rises.
• Binance’s expanded services boost LTC liquidity and market optimism.
• Surge in Litecoin derivatives trading signals growing investor interest.

Litecoin (LTC) is showing strength despite volatility in the broader crypto market. The token surged nearly 7% on Monday, fueled by rising investor confidence and increasing odds of an LTC exchange-traded fund (ETF) approval. 

Additionally, a major exchange’s expansion of services for Litecoin further boosted market optimism. As a result, analysts now predict that LTC could reach $128, provided it maintains its bullish breakout.

Analysts Anticipate a LTC Price Surge

Top crypto analyst Carl Moon recently highlighted Litecoin’s strong technical position, stating that it has bounced off the critical $96 support level. The token is currently trading within an ascending triangle, which is typically a bullish indicator. 

A confirmed breakout above this pattern could propel LTC toward the $128 target. As of press time, LTC trades at $118.66 with a 24-hour trading volume exceeding $1.2 billion, reflecting strong market participation.

Another analyst, XForceGlobal, compared LTC ‘s trajectory to that of XRP, emphasizing the importance of liquidity. He noted that the only missing component for LTC’s rally is sufficient market liquidity, which could be resolved if an ETF receives approval. The speculation surrounding a potential LTC ETF has played a significant role in shifting investor sentiment, contributing to the recent price upswing.

Source: X

Binance Expands Support, Strengthening Market Optimism

In a move that further bolsters Litecoin’s outlook, Binance has expanded its support for the asset. The exchange introduced new Spot Grid and Spot Dollar-Cost Averaging (DCA) services for LTC/USDC, effective February 6. This enhancement is expected to drive more trading activity and liquidity into the LTC ecosystem.

Moreover, market metrics indicate growing interest in Litecoin derivatives. According to Coinglass data, the trading volume for LTC derivatives soared by 255.78%, reaching $1.64 billion. Additionally, open interest in Litecoin futures rose by 17.65%, now totaling $586.83 million.