Litecoin price has seen a modest surge over the past week, rising by over 20% to hit an intra-day high of $118.41 on February 10, 2025.
This impressive rally, which has seen the token recover most of the losses incurred at the beginning of the month, is fueled by a combination of factors, including the growing optimism surrounding the potential approval of a Litecoin exchange-traded fund (ETF) by the US SEC.
Litecoin Price Breakout From Ascending Triangle Pattern
With Grayscale and CoinShares joining the Litecoin ETF bandwagon, Litecoin (LTC) could be on the cusp of a major rally.
The LTC price has already broken out of an ascending triangle on the 4-hour chart. It had been trading within this pattern since the beginning of the month following the sudden drop between January 31 and February 2.
An ascending triangle reflects a period of consolidation after a bearish correction where buyers gradually push the price higher while sellers defend a key resistance level. When the price breaks above the resistance with strong volume, it often signals a shift in market dynamics, with buying pressure overwhelming selling pressure.
$129 In Focus After The Breakout
After breaking out from the ascending triangle pattern, the price of Litecoin quickly rose, surging past a key resistance at $116. Breaching this resistance level is particularly notable as it coincides with the 61.8% Fibonacci retracement.
The breach of the $116 resistance, accompanied by a robust trading volume of over $1.2 billion in the past 24 hours, according to CoinMarketCap data, suggests the start of a possible major bull run.
With the $116 resistance now in the rearview mirror and the Chaikin Money Flow (CMF) indicator confirming the breakout, attention has shifted to the next major hurdle at $129, coinciding with the 100% Fibonacci retracement level, which, if hit, will mark the full recovery from the recent downtrend.
If a Litecoin ETF is approved, the altcoin could soar even higher, attempting to reclaim the yearly high of $146.61 set in December.
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