Litecoin price rises as odds of LTC ETF approval increase

Litecoin’s price rose nearly 10% on Saturday, becoming one of the best-performing coins as exchange-traded fund approval odds rose.
litecoin (ltc) for the third day in a row, reaching its highest level since January 18, and 47% above its lowest level this month.
Its rebound was due to CoinShares, a company with roughly $10 billion in assets, filing for spot LTC with the Securities and Exchange Commission. He – she Joins the canarywhich also applied for a similar fund a few months ago.
Cryptocurrency analysts are optimistic that the US Securities and Exchange Commission (SEC) will approve the Litecoin ETF due to its similarities to Bitcoin. Litecoin is a hard fork of Bitcoin and is a proof-of-work cryptocurrency that is not considered by the SEC to be an unregistered security.
The Polymarket poll has an 81% chance the SEC will give the green light for approval. Earlier this month, the agency requested some comments from Canary, a joint step toward approval.
The approval of a Litecoin ETF would be a positive thing for the coin as it could bring in new institutional capital. However, recent trends in Ethereum (Ethereum) and Bitcoin (Bitcoin) ETFs show that institutional demand may be weak.
Spot Bitcoin ETFs have amassed nearly $40 billion in assets, while Ethereum ETFs have just $2.8 billion.
Litecoin price analysis
The weekly chart shows that the price of LTC has rebounded from the 2022 low of $42.17 to nearly $130. It has moved above the key resistance level at $113.66, its swing high of April last year and July 2023.
Litecoin remained above the uptrend line connecting the lowest volatility since June 2022. It moved above the 50-week moving average. It also forms a small bullish pennant chart pattern.
A break above the resistance at $147, its December swing high, would point to further gains, perhaps to the psychological level of $200. The uptrend will become invalid if the coin drops below the support level at $92.7.
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