Litecoin Price Prediction: LTC Pumps 7% After Canary Capital Litecoin ETF Filing As Experts Say This Staking Meme Coin Could Soar 100X
The Litecoin price surged 7% in the last 24 hours to trade at $71.26 as of 00:56 a.m. EST on trading volume that skyrocketed 164% to $972 million.
This comes after Canary Capital announced that it had filed for its first LTC spot exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
According to the filing, Canary’s proposed ETF aims to hold spot LTC and closely track the performance of the CoinDesk Litecoin Price Index (LTX).
Litecoin Price Could Continue Soaring
The Litecoin price has been on a notable surge in October, as the bulls took control of the price within the $62.19 to push LTC up to the $67.94 resistance. The movements within this resistance allowed the price of Litecoin to form an inverse head and shoulders pattern, according to data from GeckoTerminal .
As a result, the bulls then took control of the price to stage a trend continuation to the current price.
The Litecoin price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which confirms the upward trajectory’s continuation.
The Relative Strength Index (RSI) is currently at 76.46, which indicates that the asset is in overbought territory. A reading above 70 usually signals overbought conditions and could suggest a potential pullback or consolidation after this sharp rally.
The MACD shows a bullish crossover, with the MACD line (blue) crossing above the signal line (orange). This suggests that momentum has shifted in favor of the bulls.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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