Litecoin Faces a Setback Amid Positive Outlook
Litecoin (LTC) has seen a slight dip, trading at $85.98 on Sunday. This marks a near 20% decline from its May peak. The downward trend is in line with other altcoins such as cardano (ADA) and Chainlink (LINK).
Despite this setback, there’s a positive progress: the likelihood of the Securities and Exchange Commission (SEC) approving a Litecoin ETF has risen to 76%. This high probability is due to Litecoin’s proof-of-work mechanism, similar to Bitcoin (BTC), which has already secured ETF approval from the SEC.
Litecoin’s main distinction from Bitcoin is its supply limit: 84 million coins versus Bitcoin’s 21 million. An LTC ETF could attract more U.S. investors,perhaps boosting its value.
Whales, or large investors, are also showing confidence in Litecoin. Their holdings of tokens between 100,000 and 1 million have risen from 25.8 million in April to 27.8 million now. This whale accumulation, alongside Litecoin’s growing social media presence, could be a good sign.
Technically, LTC price dropped to $63.30 in April before bouncing to $106.72 during the crypto rally.It’s currently below key moving averages but has formed a bullish flag pattern,indicating a potential rebound. If it breaks above $106.72, it could climb further, possibly reaching $140.
