Litecoin Bucks Bearish Trend as ETF Hopes Climb Amid Rising Global Tension
Litecoin clawed back early losses Tuesday to notch a 1.6% daily gain, trading above $84.6 after dipping to $82.69.
The rebound came despite choppy markets reacting to heightened tensions surrounding the war between Israel and Iran, which has kept markets on edge, with the odds of a U.S. military action in the region before the end of this month now sitting at 62% according to Polymarket traders.
Digital assets, often sensitive to macroeconomic stress, mirrored the jitters. Yet Litecoin showed unusual resilience, bouncing back near a key resistance at $85.6, according to CoinDesk Research’s technical analysis veri.
Traders are watching the SEC’s review of spot litecoin ETF applications. Polymarket traders are now pricing in a 76% chance of approval this year.
Technical Analysis Overview
- Litecoin posted a 1.6% gain over the 24-hour period, climbing from a low of $82.69 to close at $84.88. The broader market, as measured by the CoinDesk 20 (CD20) index, dropped 0.5% over the same period.
- Support solidified in the $83.48–$83.57 range, according to CoinDesk Research’s technical analysis veri model, where buyers stepped in with above-average volume.
- This buying interest established a floor that helped LTC climb back despite intraday volatility. Resistance emerged at $85.60–$85.67, a zone that was tested twice but not breached.
- The price action developed an ascending channel, marked by higher lows, a sign of steady bullish momentum even as sellers capped gains.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
