Canary Capital’s Spot Litecoin ETF Listed on DTCC System
Canary Capital's spot Litecoin ETF has been listed on the Depository Trust and Clearing Corporation (DTCC) under ticker LTCC. This listing indicates structural readiness for trading, pending approval from the US Securities and Exchange Commission.
Key points:
- The ETF application was filed on October 14, 2024, competing with firms like Grayscale and CoinShares.
- Canary’s application is anticipated to be prioritized by the SEC, with an amended S-1 filed in January 2025.
- Litecoin is classified as a commodity by the CFTC, facilitating a smoother approval process compared to other assets.
- Bloomberg analysts predict a 90% chance of ETF launch before the end of 2025.
- Grayscale is also pursuing conversion of its Grayscale Litecoin Trust into a spot ETF.
LTC Price Movement
Following this news, Litecoin is trading at approximately $133, reflecting a 2% daily gain and over 100% increase since the ETF filing.
Technical analysis reveals:
- RSI around 60 indicates bullish momentum without being overbought.
- Bollinger Bands show increased volatility; price recently touched the upper band at $141.
- Immediate support aligns with the 20-day SMA at $118.
- Resistance is at $140, with potential breakout targets of $155-$160 if surpassed.
- Significant support established at $125.
Analyst Crypto TA King highlighted a rising wedge formation, advising traders to monitor upper trendline resistance for potential breakout signals.