Litecoin Price Prediction: LTC Pumps 7% After Canary Capital Litecoin ETF Filing As Experts Say This Staking Meme Coin Could Soar 100X
Release: 2024/10/16 15:49 Reading: 766
Litecoin Price Soars 7% on ETF Filing
Litecoin (LTC) surged 7% in the past 24 hours, reaching $71.26 as of 00:56 a.m. EST. The price jump coincided with a 164% surge in trading volume to $972 million.
This surge follows Canary Capital's announcement of filing for the first LTC spot exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
ETF to Provide Direct LTC Exposure
According to the SEC filing, Canary's proposed ETF aims to hold LTC directly and track the performance of the CoinDesk Litecoin Price Index (LTX). This ETF would provide both retail and institutional investors with direct exposure to Litecoin.
Bullish Price Uptrend
Litecoin has exhibited a strong upward trend in October, forming an inverse head and shoulders pattern. The bulls have pushed the price above $67.94 resistance, confirming a bullish continuation.
Technical indicators, such as the 50-day and 200-day Simple Moving Averages (SMAs), are above the current price, signaling an upward trajectory.
Overbought Territory
However, it's important to note that Litecoin is currently in overbought territory according to the Relative Strength Index (RSI), which is at 76.46. This suggests potential consolidation or a pullback after the recent rally.
The Moving Average Convergence Divergence (MACD) also indicates bullish momentum, with a positive crossover of the MACD line above the signal line.
Price Forecast
Based on the 4-hour chart, a head-and-shoulders pattern has formed, suggesting a potential reversal. The breakout above the neckline confirms a shift from a downtrend to an uptrend. If the trend continues, Litecoin could potentially rise further towards $80.
However, the overbought condition suggests a potential correction to the $64 support level.
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