Litecoin's ETF Verdict Approaches: Bullish or Bearish for LTC Prices?
Delay in Litecoin ETF Approval Impact on Traders: Analyzing Potential Consequences
Get ready, Litecoin [LTC] enthusiasts! The verdict on Canary Capital's Litecoin ETF application is due on May 5th. But is this the green light Litecoin needs to reach new heights or the red flag that spells trouble? Let's dive into the crypto waters and find out!
According to analyst James Seyffart—known for his expertise in exchange-traded funds (ETFs)—the SEC hasn't delayed the Litecoin ETF application, but delays are still possible. Nevertheless, Seyffart believes Litecoin has a good shot at an early approval!
Litecoin: Flipping Bullish or Stuck in a Range?
Source: LTC/USDT on TradingView
First, let's glance at the past few weeks. After a bounce from $63 in April, Litecoin formed a bearish swing structure, with the $96.5 swing high needing to be breached to turn things around. However, the lower timeframe structure appears bullish, and the D1 Awesome Oscillator highlights upward momentum.
Despite this, the A/D figures suggest weak buying pressure over the past month. Add to that the $89.3 Fibonacci retracement level, which LTC bulls have already faced rejection from, and things are looking tricky. The price seems to be forming a short-term range from $83.3 to $88.8, with weak demand making a rejection from $89 more likely rather than a bullish breakout.
Source: Coinglass
Brace yourselves for some interesting numbers! The 2-week liquidation heatmap shows that the $80.3 and $91.4 regions act as nearby magnetic zones. With the $91.4-level being closer at press time, it's more feasible as a target. Keep in mind, the short-term momentum of Bitcoin [BTC] could also influence Litecoin's moves.
In the coming days, expect the range formation to persist. The lack of bullish conviction, combined with liquidation levels, suggests that Litecoin may sweep both levels before embarking on its next big move.
Disclaimer: The information provided does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion.
The Great Litecoin ETF Debate: Approved or Delayed?
Now that you've got the lowdown on Litecoin's recent price action, let's focus on the elephant in the room: the Litecoin ETF application. If approved, institutional investments could skyrocket, boosting Litecoin's price significantly. However, if the application is delayed or denied, investor confidence might plummet, causing short-term declines.
But here's the thing: the SEC has been nudging the deadline, opting for a further review and public comments1. So, we'll have to wait and see. On the bright side, Litecoin has one of the highest chances of receiving approval among altcoins, with experts predicting a 90% probability of approval in 20252.
Whether you're a passionate investor or just curious about the crypto world, keep an eye on the Litecoin ETF decision in the coming days. The outcome could shape the future of Litecoin!
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- As the verdict on Canary Capital's Litecoin ETF application draws near on May 5th, speculation surges about whether an approval could propel Litecoin to new heights or signal potential trouble.
- Despite a bearish swing structure in recent weeks, the short-term bullish momentum of Litecoin, as indicated by the D1 Awesome Oscillator, suggests a possible rebound, according to technical analysis.
- However, if the Litecoin ETF application is delayed or denied, sentiment among investors might take a hit, potentially leading to short-term price declines.
- In the realm of finance and technology, the approval of a Litecoin ETF could revolutionize the crypto market by attracting institutional investments, potentially boosting the crypto's price significantly.
