LTC Price Increases 11% Following Canary Litecoin ETF Acknowledgment
Litecoin Price Surge
- Litecoin (LTC) increased by 11% in the last 24 hours, reaching a daily high of $131.67 and currently trades at $127.19.
- Despite this rise, LTC is down 69.21% from its all-time high of $412 four years ago.
- The price surge is attributed to the SEC acknowledging a spot Litecoin ETF application by Canary Capital.
- The SEC has 21 days to review public comments on the filing after publication in the Federal Register.
- This is the first altcoin ETF filing to reach this stage, according to Bloomberg senior analyst Eric Balchunas.
Market Sentiment
- Crypto participants on social media are bullish on LTC, citing a 400% increase in the network's hash rate.
- One prediction suggests LTC could reach $2,000 by the end of the current bull cycle.
- Analyst “Trade Pro” notes a consistent uptrend despite recent three-wave corrections, projecting potential future prices of $170 and $295 for XRP.
- LTC shows strong bullish momentum with a 10.22% increase in the latest daily candle.
- The RSI is at 59.29, indicating potential for further upside if support above $120 holds.
- Resistance levels are targeted around $130–$135; a rejection may lead to support retesting at the $116 EMA zone.
Source: Trade Pro
Source: TradingView