$ETH
Why could the SEC's ruling today on Litecoin exchange-traded funds lead to a significant move for LTC?
Litecoin is trading near $87 as investors await the SEC's decision regarding the proposed instant exchange-traded funds from Canary Capital.
Bloomberg analysts give Litecoin a 90% chance of approval for the exchange-traded funds - higher than Dogecoin or XRP.
Technical indicators suggest a breakout towards $101 if support at $87 holds, with a risk of dropping to $77.
Litecoin (LTC) traded at $87.66 during the Asian session on Monday, gaining modestly even as the broader crypto markets consolidated. Traders appear optimistic but cautious as they await a key decision from the U.S. Higher Education Council on the proposed Canary Capital instant Litecoin ETF, expected later today, May 5.
Adding to some of this optimism, Bloomberg analyst James Seifart noted that the Litecoin application may have the best chances of approval among current exchange-traded fund filings, giving the altcoin a potential edge in investor sentiment.
