FXOpen
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 Bitcoin’s 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 Trump’s victory;
→ The psychological level of $140 per coin.
It’s 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.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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