The LiteCoin price rose over 7% on Monday, August 4, and was hovering near its highest level from March this year.
Summary
- Litcoin price
- LTC ETF approval jumped more than 80%as obstacles.
- The technical indicates more LTC benefits in the near period.
LiteCoin (LTC) jumped to a high level of $ 120 by about 90% from its lowest level this year. Its daily volume increased to about $ 900 million, while its market cap increased to $ 9 billion.
LTC ETF approval hurdles jump up to 80%
The price of Litcoin increased on Monday as investors remained optimistic that securities and exchange commissions would approve LTC funds by Grassscale, Coinshrass and Canary Capital.
Polymercate data shows that the possibility of the agency approved these funds has increased by 80%. The SEC has set a time limit of 2 October for the canary’s ETF application, and on October 10 and 23 for Grassscale and Coinsher Fund, responsible.
Expectations are based on the agency’s spot bitcoin (BTC) pre -approval of ETF, which has attracted more than $ 55 billion in the flow. LiteCoin is similar to bitcoin bitcoin, with 21 million coins.
Litcoin is also highly decentralized and alive, the daily trading volume exceeds $ 1 billion in a few days.
There are also indications that an LTC ETF would have attracted institutional capital. For example, Grassscale Literasin Truth, which charges an annual fee of 2.50%, has already attracted more than $ 246 million to the property.
Recent data shows that the demand for Altcoin ETF is still alive. Ethereum (Eth) has a cumulative flow of more than $ 10 billion, which were in a flow of millions of dollars in popular XRP and Solna funds such as XXRP, UXRP and SSK.
Litcoin Price Technical Analysis
The daily time limit shows that the LTC has been in the three-yarn consolidation phase. It has recovered with support level at $ 140 since June 2022 and support level $ 41.
It mirrors the XRP for a long time, which remains inside a narrow color before its rented breakout.
The LiteCoin price has created a moving average of 50-week and 100-week. It is also near $ 130 near 23.6% Fibonacci Retressing Level, which has jumped above the neutral point at the relative power index 50.
Therefore, the token count is increasing because bulls target the upper part of the channel. A sabotage over that resistance indicates growing up to $ 227.80, up to 92% from the current level. A drop below support at $ 93 will invalve the rapid forecast.