LTC fell below the $70 mark on April 9th, setting off a chain of events. Right after falling hard, the token managed to form a bullish structure, where it rose gradually. Cut to May 5, LTC is growing at a meteoric pace, and there are rumors that the SEC will approve the LTC ETF.
On-chain analytics observed that the token is recording higher lows and credible bullish indicators. As a result, traders are anticipating a major breakout. While some people may critique the idea, this could happen.
LTC Price Movement
Analytics suggest that the timing is perfect for an LTC price breakout. Regulatory clarity in an ETF can push the price higher, and an approved ETF could put LTC on the path to a new price discovery phase.
Apart from a conducive price movement, the sentiment surrounding the coin also suggests that a positive price movement is coming up. Santiment data suggests that LTC’s weighted sentiment is negative as of May 3rd.
At press time, the token’s reading increased to 0.29. This weighted sentiment indicates that the token is still in circulation and demand. It also suggests that the positive crowd sentiment can push the price further.
While some suggest that the token can become a market giant, it might not be the case. On-chain analysis indicates that the token is on a positive price movement. Then again, do not expect something stupendous. Therefore, invest carefully and temper your expectations.
