Litecoin surged by approximately 20% in the last 24 hours, reaching around $120.50 on January 16. The increase follows excitement over Canary Capital's recent filing for a Litecoin exchange-traded fund (ETF), positioning LTC as a potential candidate for U.S. regulatory approval. Bloomberg analysts noted that this move suggests an active review by the SEC of Litecoin-focused ETF applications, with the possibility of institutional adoption driving further interest. Additionally, the past week saw significant accumulation of Litecoin by wealthy investors, with wallets holding at least 10,000 LTC adding 250,000 coins, indicating strong demand. Technically, Litecoin has broken out of a descending triangle pattern, which may lead to a price target of $157 in the coming weeks, although a drop below key support levels could invalidate this bullish setup. Overall, Litecoin is experiencing upward momentum fueled by ETF speculation and accumulation by major investors.

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