Litcoin continued as Crypto investors raised their obstacles that the Securities and Exchange Commission would approve a spot ETF this year.
LTC ETF Auds are growing
LiteCoin (LTC) rose to $ 136 on Sunday, which is its highest point in 2024, below $ 146 from the significant resistance level. It has increased by 28% in the last seven days, making it the second best performing top -100. Coin after pancakexwap (cake).
Polymarket Data shows that most participants hope that a spot will approve LTC ETF in SEC 2025. Auds have increased by 88% from this year’s 42% low. These obstacles will benefit companies such as Grassscale, Canary, and Coinshare, who have applied for a Litcoin ETF.
This approval is more likely because Litcoin is a proof-of-work cryptocurrency that has emerged from a bitcoin (BTC) hard fork. Its main difference from bitcoin is at the maximum supply.
The supply limit of bitcoin is 21 million, while Litcoin has 84 million.
Therefore, SEC has no good reason to reject a spot LTC ETF as it has already approved bitcoin funds in 2024. These funds have become extremely successful, which has attracted a net flow of more than $ 40 billion.
Blackrock’s bitcoin ETF assets more than $ 57 billion, while Fidelity has $ 20 billion in FBTC.
The SEC derailed some crypto ETFs in the past as it saw many of them as unregistered securities. This explains why it approved the spot atherium (ETH) ETF without staking facility.
The SEC can change this scene and approve the ETF of other popular cryptocurrency such as Solana, Ripple and Dogicine.
The main challenge for LiteCoin and other altcoin ETFs is that they can struggle to attract sufficient flow from wall street investors. For example, Etreum ETF has attracted a flow of only $ 3.1 billion since its approval in September last year.
Litcoin Price Technical Analysis
The weekly chart suggests that the price of LTC has been built in a tight range since 2022. It recently flipped the significant resistance level at 2023 and the highest swing in March 2024 at $ 113.38. This price was the upper side of the ascending triangle pattern, a popular, a popular. Rapid sign.
LiteCoin is also trying to cross the 23.6% fibonacci retracement level at $ 130. Therefore, more reverse will be confirmed if it rises above the significant resistance level at the highest point, $ 146.95 in December.
A volume-supported jump above that level will point towards a greater profit, possibly 38.2% of the retracement level at $ 185, 38.2% retracement point, which is about 36% above the current level.
