SEC Litecoin ETF Decision Looms: Traders Position for Breakout
As investors continued to have hope that the Securities and Exchange Commission would accept LTC funds from Grayscale, CoinShares, and Canary Capital, the price of Litecoin increased on Monday. Its market value jumped to $9 billion, and its daily volume reached around $900 million.
According to Polymarket data, there is now an 80% chance that the agency will approve these funds. Canary’s ETF application is due on October 2; the Grayscale and CoinShares funds have deadlines of October 10 and 23, respectively, established by the SEC. Expectations stem from the agency’s previous approval of spot Bitcoin ETFs, which have seen inflows totaling more than $55 billion.
Bullish Momentum Builds for Litecoin Amid ETF Approval Speculation
The market is seeing further bullish momentum as the likelihood of SEC clearance for more Litecoin ETFs increases. LTC may be getting ready for a big breakout following a protracted consolidation phase, according to technical indicators. The growing trade volume and better market sentiment have helped the cryptocurrency surpass important moving averages and go closer to the $130 resistance zone. According to analysts, LTC may test the $140 mark rapidly if ETF approvals come to pass in October, which might pave the way for a longer-term gain.
Litecoin Breaks Key Moving Averages: Is $140 the Next Target?
LTC has been in a three-year consolidation phase, according to the daily timetable. Since June 2022, it has stayed between the support level at $41 and the resistance level at $140. This protracted consolidation is similar to that of XRP, which, for years prior to its most recent breakthrough, stayed within a small range. The price of Litecoin has surpassed both the 50- and 100-week moving averages. The Relative Strength Index has risen over the neutral level at 50, and it is also getting close to the 23.6% Fibonacci retracement level at $130. As bulls target the upper edge of the channel, the token may thus continue to rise.
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