Litecoin prices surged today, reaching around $120 after a lot of market interest due to Canary Capital filing an amended application to launch a new Litecoin exchange-traded fund (ETF).
The news indicates that if this fund is approved by the US Securities and Exchange Commission (SEC), it will be the first fund of its kind dedicated to Litecoin, which opens the way for large investments and increases the currency’s legitimacy in the market. Analysts at Bloomberg said that Litecoin could be the next currency to get this type of approval, but at the same time they pointed out that the timing could be affected by a leadership change at the SEC.
On the other hand, the data showed that major investors (whales) increased their purchases of Litecoin in the past few days. More than 250,000 Litecoins were added to the portfolios of major investors in less than a week, which reflects increased confidence in the currency.
On the technical side, the coin broke a major resistance barrier on the charts, which means that prices could reach $157 in the coming weeks if the momentum continues. But in case of a decline, the first support level will be near $105.
Simply put, this rise is coming from a combination of market interest in ETFs, increased whale buying, and technical analysis that reinforces the bullish sentiment. If things continue like this, Litecoin could be the big headline of the market in the coming period.
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