LTC/USD Rises 33% Amid ETF Speculation
As illustrated by the LTC/USD chart:
On the 13th, Litecoin's price was below $100;
Today, the LTC price has reached $140.
Bullish sentiment has been fuelled by reports that LTC may become another cryptocurrency asset for which an ETF (Exchange-Traded Fund) could be established. According to media reports, Canary Capital has filed an amended S-1 form proposing its Litecoin ETF, which could represent an important step towards regulatory approval.
This development aligns with the broader trend of growing interest in cryptocurrency ETFs. For example, a year ago, Bitcoin ETFs were approved, triggering a significant rally amid an influx of investment capital since last January, BTC/USD has increased by approximately 110%.
Litecoin is now positioning itself as a serious contender. The current price surge indicates that market participants are seriously considering LTC as a base asset for launching a new ETF and believe this could replicate Bitcoins success.
Meanwhile, technical analysis of the LTC/USD chart suggests that in the near term, the price may encounter resistance at:
The median line of the ascending channel formed following news of Trumps victory;
The psychological level of $140 per coin.
Its worth noting that when peak A formed, there was a brief breach of the $130 round level. A similar bull trap (driven by enthusiasm over positive news) may develop around the $140 level.
Read more: https://fxopen.com/blog/en/oa-ltc-usd-rises-33-amid-etf-speculation/
Text source: Forex Trading Blog
