Litecoin Price Rally: Imminent Ballistic Move As LTC Joins $12T Fidelity AUM
Litecoin price rally came to a sudden halt this week following the general bearish sentiment across the market. After climbing from support at $56, LTC peaked at $74, depicting a strong bullish narrative.
A noticeable drop in the Litecoin futures open interest by 2.5% mirrors the challenges bulls are facing amid the attempt to defend $70 support and renew the push to $100 in July.
The subsequent drop in the weighted-OI funding rate to 0.005 according to Coinglass data hints at a prolonged decline in LTC price. Liquidations affected long positions significantly accounting for $293k of the total $312k.
Litecoin price hovered slightly above $70 during the US session on Monday, recording a 3.2% decrease. Both the trading volume and market cap experienced a downturn to $266 million and $5.2 billion, respectively, implying waning interest among investors.
Fidelity Digital Assets Adds LTC
The Litecoin Foundation on Thursday shared a statement highlighting that Fidelity Digital Assets had extended support for LTC. Fidelity boasts over $12 trillion in assets under management (AUM).
Litecoin became the third cryptocurrency after Bitcoin and Ethereum to be accorded legendary support, exposing it to a large pool of institutional investors.
“We’re excited to share that Litecoin is now available to buy, sell, and trade through Fidelity Crypto®. Litecoin is the third cryptocurrency to be offered by Fidelity @DigitalAssets ℠, along with #bitcoin and #ethereum,” Fidelity said in the statement.
— Litecoin (@litecoin) July 18, 2024
The adoption of Litecoin by Fidelity demonstrates growing acceptance of the cryptocurrency as an asset institutional investors can hold. This development also elevates the maturity of the cryptocurrency industry.
Litecoin’s support could set the precedent for a spot exchange-traded fund (ETF) approval in the US. Bitcoin ETFs were licensed in January this year while Ethereum ETFs are expected to start trading next week following preliminary approvals by the SEC.
Litecoin Price Rally Impending As Bulls Defend $70 Support
An analysis of the potential Litecoin rally shows a high probability of reaching $100 a few weeks. A major trend reversal is expected from the $70 support with LTC price likely to close the gap to $80 over the weekend.
After vehemently defending support at $70, the Litecoin price prediction shows signs of continuing to $80. Reclaiming support above the 50-day Exponential Moving Average (EMA) and a confluence formed by the 20-day EMA and the 200 EMA at $71.55 would go a long way to validate the uptrend.
Movement above the confluence resistance could reduce the impact of the sell signal from the Moving Average Convergence Divergence (MACD). A further Litecoin price rally will ensure that FOMO ignites above the $70 resistance, bringing $80 within reach.
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