Litecoin (LTC) is trading around $86, showing slight gains despite market consolidation. One of the most discussed events is the ETF filing by Canary Capital.
ETF Prospects for Litecoin
According to Bloomberg analyst James Seyffart, the spot ETF filing by Canary Capital has a 90% approval chance, making it the strongest contender among similar filings. The ETF filing is proposed for October 15, 2024, with decisions from the SEC pending. Unlike delays seen with Dogecoin and XRP filings, this is not the case for Litecoin.
Current Litecoin Price Dynamics
LTC is currently trading well above the support zone of $84 due to the 100-hour and 200-day EMA. If the price rises above the 50 EMA and the ascending trendline, it may reach the $100 mark. However, resistance can be expected at $88-$90.
Factors Impacting LTC Price
RSI remaining above 50 may indicate that bulls are in control of the price action. Other factors affecting LTC price include market sentiment, decisions from the Federal Reserve on interest rates, and macroeconomic factors such as inflation and tariffs between the US and China.
Amidst the anticipation of ETF decisions and the influence of various economic factors, Litecoin's price remains a point of interest for traders. It is advisable to watch support levels and potential breakout to $100.
