Litecoin Surges as ETF Approval Looms
Litecoin’s price has soared, reaching $111.65, it’s highest since September 22. This surge comes as the crypto market rallies, partly due to weak ADP jobs numbers. These numbers suggest the Federal Reserve might cut interest rates again this month.
October is historically a good month for crypto. But the main driver is the anticipation of a spot LTC ETF approval. The Canary Capital spot LTC ETF’s final deadline is Thursday. Polymarket odds show a 90% chance of approval. This is good news for Litecoin, a large proof-of-work cryptocurrency like Bitcoin.
Though, there are risks. The ETF might not attract as many American investors as ethereum or Bitcoin. Daily trading volumes for Litecoin are relatively low. Also, Litecoin’s price chart shows a head-and-shoulders pattern. This pattern suggests a potential bearish breakout if the price drops below $107.
If the ETF is approved,Litecoin could still face a sell-off as investors “sell the news.” A drop below $100.4 could led to further declines, possibly to $90. But if the price rises above $121.35, it could signal more gains, reaching $134.
