Litecoin ETF Buzz: Investor Sentiment Turns Bullish as FOMC Sparks Crypto Recovery
Traders of cryptocurrencies are optimistic following the FOMC meeting on 19. Despite being a limiting factor in the past, the meeting’s announcement that interest rate cuts would not continue has had a beneficial impact on the cryptocurrency market. It is noteworthy that these macroeconomic occurrences coincide with investor sentiment, increasing the value of digital assets, particularly Bitcoin. Bitcoin’s price surged 3% to $105.3k following the FOMC. Later today, the price of Litecoin also recovered its upward momentum following a major crypto meltdown earlier in the week. The excitement among investors has increased as the LTC coin has increased 14.02% in the previous few hours.
Discussions about ETFs are another factor driving the price increase of LTC. Investors’ expectations of comparable outcomes to those of the Bitcoin ETF are fueled by the Litecoin ETF‘s momentum and recent filings, which provide a bullish stimulus for further growth.
Bloomberg Analyst: Litecoin ETF Approval Likely Under New SEC Leadership
The 2025 altcoin ETF is almost ready to go live.
I don’t see any reason why this would be withdrawn either given SEC gave comments on the S-1, Litecoin is seen as commodity and there’s new SEC sheriff in town,
Bloomberg analyst Eric Balchunas
The Canary Capital Litecoin ETF recently sparked excitement among investors and catered to the continuous climb when the US SEC asked for public comments. Furthermore, it is evident from market statistics that the majority of cryptocurrencies are being oversold, which has facilitated Litecoin‘s growth. However, the matter at hand pertains to whether this expansion will persist or succumb to consolidation.
LTC Price Prediction: Can Litecoin Break Resistance at $162?
The outlook for the LTC price charts is generally favorable, but in order to make the best choices, investors need to keep a close eye on the important support and resistance levels. A positive indicator that suggests the potential for a trend reversal from a downward to an upward trend is the rounded bottom pattern that has formed, according to the study of the LTC/USDT chart. Based on the chart, the key resistance is located at $135.94 and $162.12, while the important support level appears at $109.06 and $99.36.
Following a strong rally, the price of Litecoin might reach $158.92, a two-year high, and then $196.34 per Fibonacci extension. However, a dip to $99.36 can occur if the price falls below $109.06.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment