Litecoin (LTC) Price Prediction: Litecoin Holds $106 Support—Can the Double Bottom Spark a Bullish Reversal?

The post Litecoin (LTC) Price Prediction: Litecoin Holds $106 Support—Can the Double Bottom Spark a Bullish Reversal? appeared on BitcoinEthereumNews.com.

Litecoin is holding firm at $106 support as traders eye a potential double bottom reversal, with market uncertainty and regulatory setbacks shaping the coin’s next big move. Despite ongoing pressure from the SEC’s ETF withdrawal demands, technical indicators suggest a possible bullish setup for Litecoin. Analysts argue that if momentum builds, the current price structure could provide the foundation for a breakout above key resistance levels. Regulatory Setback for Litecoin ETF While the LTC price tests critical resistance zones, regulatory developments have added new challenges. The U.S. Securities and Exchange Commission (SEC) recently directed issuers of spot ETFs tied to Litecoin, XRP, Solana, Cardano, and Dogecoin to withdraw their 19b-4 submissions. The U.S. SEC has requested issuers of spot ETFs for LTC, XRP, SOL, ADA, and DOGE to withdraw their 19b-4 filings under updated listing standards. Source: Moshin via X Crypto analyst Moshin noted that the SEC’s latest move introduces fresh uncertainty for a potential Litecoin ETF. “Issuers may start pulling paperwork this week, transitioning toward listings compliant with the new framework,” he explained. The decision has weighed on investors. sentiment, as market participants had hoped that a spot ETF could boost Litecoin value by attracting institutional flows. Technical Setup: Double Bottom and Wedge Pattern Despite regulatory hurdles, chart analysts continue to monitor Litecoin price analysis closely. According to CRYPTOWZRD, LTC remains in a falling wedge formation, which is typically considered a bullish setup. He noted that although Litecoin has struggled against Bitcoin (LTCBTC) in recent sessions, a breakout above the wedge could push LTC through the $112 resistance zone. LTC is forming a bullish double bottom and is testing key resistance, with a breakout potentially targeting the next upside level. Source: WaveRiders2 on TradingView The double bottom structure adds to this outlook. If confirmed with strong trading volume, the…