LTC Price Drops Nearly 6% Following SEC’s ETF Approval Delay
Litecoin's price dropped nearly 6% following the US SEC's announcement to delay the approval of the Canary Funds Litecoin ETF. Key points include:
- LTC trading at $82.38, down 5.97%
- Trading volumes increased by 50% to $553 million
- Strong support anticipated at $81.54; potential recovery target at $148
Analyst Crypto Patel noted a breakout from long-standing resistance and identified the current accumulation zone between ~$65-$85. He set short-term targets of $255 and $500.
SEC Delays ETF Proposal
The SEC has postponed its decision on the Canary Funds Litecoin ETF proposal, seeking public comments until May 26, 2025. Rebuttals are due by June 9, 2025. This cautious stance reflects the SEC’s commitment to investor protection, with similar delays for other crypto ETFs such as those for Solana and XRP.
Market experts suggest that this delay is not a major concern but part of a thorough assessment process.