Litecoin Surges as ETF Approval Looms
LitecoinS price has surged, reaching $111.65, its highest since September 22. This 11% jump from its September low is fueled by several factors.
The crypto market rallied after weak ADP jobs numbers,hinting at a possible Federal Reserve interest rate cut. October is also historically a strong month for crypto.
Most significantly, traders are excited about the potential approval of a spot litecoin ETF. The Canary Capital spot LTC ETF’s final deadline is Thursday. Polymarket odds show a 90% chance of approval. This is good news since Litecoin,like Bitcoin,is a proof-of-work cryptocurrency,not a security.
Though, there are risks. The ETF might not attract as much interest as Ethereum or Bitcoin. Daily trading volumes for Litecoin are relatively low.
Technically,Litecoin has formed a head-and-shoulders pattern. This pattern suggests a potential bearish breakout. If the price drops below $100.4, it could fall further to $90. But if it breaks above $121.35, it could rise to $134.
While the ETF approval is crucial, investors might sell the news, leading to a price drop. Stay tuned for Thursday’s ETF decision.
