Litecoin gains 13% to lead altcoins: why is LTC pumping?

Litecoin (LTC) is up an impressive 13% to outpace major altcoins as bulls look to reclaim levels last seen in early March. Trading at $92.60 at the time of writing on May 7, 2025, the LTC price was above a key resistance level. With investor sentiment sparking renewed optimism, it looks likely Litecoin could reclaim the crucial $100 level. But what’s driving this sudden upside momentum for Litecoin? Why is Litecoin’s price up today? Litecoin’s breakout aligns with growing optimism around a potential spot Litecoin exchange-traded fund. The US Securities and Exchange Commission recently made a notable announcement regarding the spot Litecoin ETF proposal by Canary Capital. In particular, the SEC’s decision to delay, rather than reject, Canary Capital’s LTC ETF filing has the community buzzing. Noticeably, the market has interpreted the development as a positive signal. While the proposal now faces public comments, the lack of an outright denial has added to the speculation that regulatory approval is a matter of when, not if. ETF expert James Seyffart noted ahead of the SEC’s delay: “The Canary Funds Litecoin ETF filing is due for a decision (possibly a delay) by Monday, 5/5. SEC went early & delayed a bunch of filings, but not this. If any asset has a chance of early approval, it’s Litecoin IMO. Personally think a delay is more likely, but def something to watch.” This has triggered a 52% spike in Litecoin’s 24-hour trading volume to $861 million. Trade talks between the United States and China are buoying traders, with an uptick in stocks also seeing Bitcoin’s price target the $100k mark. The factors are likely to act as top catalysts for the LTC price in the coming weeks and months. Litecoin price prediction The Litecoin daily chart reveals a clear bullish shift. Litecoin has surged past its 50-day simple moving average at $85.40 and 100-day SMA at $91.00. There’s an acceleration since the break of the March downtrend, with the Relative Strength Index rising to 63. LTC chart by TradingView An uptrend within a rising channel combines with a bullish crossover for the Moving Average Convergence Divergence indicator to suggest further gains. The 20-day SMA crossing above the 50-day SMA reinforces the bullish trend, with a surge to above $100 likely. Litecoin’s technical setup favors bulls, and $100 will likely be a psychological resistance level that paves the way for a retest of the $110 to $130 areas. On the flipside, a drop below $82 could signal a reversal toward key support around $69. The post Litecoin gains 13% to lead altcoins: why is LTC pumping? appeared first on Invezz

Source: Invezz