Litecoin continued to rise as crypto investors increased the likelihood that the Securities and Exchange Commission would approve the Spot ETF this year.
LTC ETF odds are increasing
Litecoin (LTC) rose to $136 on Sunday, falling several points below its critical resistance level at its highest point in 2024, $146. It has increased by 28% over the past seven days, making it the second best top 100. Coins after Pancakeswap.
Polymerc data show that most participants expect the SEC to approve the Spot LTC ETF in 2025. The odds have risen to 88% from this year's low of 42%. These odds benefit companies such as Grayscale, Canary, and Coinshares, which are applied to Litecoin ETFs.
Litecoin is a cryptocurrency that proves work that was born from Bitcoin (BTC) hard forks, so this approval is more likely. The main difference with Bitcoin is the maximum supply.
Bitcoin supply limit is 21 million, while Litecoin has 84 million.
Therefore, the SEC has already approved the Bitcoin fund in 2024, so there is no good reason to reject the SPOT LTC ETF. These funds have been extremely successful, attracting over $40 billion in net inflows.
BlackRock's Bitcoin ETF has over $57 billion in assets, while Fidelity's FBTC has $20 billion.
The SEC has derailed several cryptographic ETFs in the past. Because they considered many of them as unregistered securities. This explains why they approved the Spot Ethereum (ETH) ETF without the staking feature.
The SEC may modify this view and approve ETFs of other popular cryptocurrencies such as Solana, Ripple, and Dogecoin.
The main challenge for Litecoin and other Altcoin ETFs is that they may struggle to attract a significant influx from Wall Street investors. For example, the Ethereum ETF has attracted about $3.1 billion inflows since its approval last September.
Litecoin pricing technology analysis
The weekly chart shows that LTC prices have remained in a tight range since 2022. Recently, I overturned a critical resistance level with the highest swing in 2023 and March 2024 at $113.38. A strong sign.
Litecoin is also looking to surpass the 23.6% Fibonacci retracement level for $130. So if you exceed the critical resistance level at $146.95, the highest point in December, you'll see a more upward point.
Volume supported surges above that level refer to more profits, potentially 38.2% retracement level at $185, 38.2% retracement points, about 36% above the current level Masu.
