“Litecoin Has Best Chance for ETF Approval”: Bloomberg Analyst

According to Bloomberg analyst James Seyffart, the spot Litecoin ETF filed by Canary Capital stands out with a 90% approval chance—making it the strongest contender among similar filings. Litecoin (LTC) traded around $86 in Monday’s Asian session, showing slight gains even as the broader crypto market consolidates.

Currently, Canary Capital has proposed an ETF on October 15, 2024, with a 19b-4 filing by Nasdaq in January 2025, and is awaiting the decision of the SEC. While the filing for ETFs for Dogecoin and XRP was delayed, there was no such delay in Litecoin’s filing, which has raised hope.

Seyffart considers Litecoin to be the most likely to get the early approval, but an extension from the SEC is still possible. Other ETFs for Litecoin are also proposed by Grayscale and CoinShares, with approvals to be made by October.

On the technical front, LTC is trading well above the support zone of $84 due to the 100 4-hour EMA and 200-day EMA. If the price of Litecoin rises above the 50 EMA and the ascending trendline, it may reach the $100 mark. But the price should be cautious to resist at the $88-$90 mark.

RSI remaining above 50 may indicate that the bulls are in control of the price action. Other factors that may affect the LTC price movement include market sentiment, the decisions made by the Federal Reserve on interest rates, and macroeconomic factors such as inflation and tariffs between the US and China.

For those interested in trading LTC, it is advisable to look for higher support levels at $84, $81, and $75 while keeping an eye on the breakout to $100.

Also Read: Will Litecoin Price Break $84 and Head Toward $100 in April?