Litecoin's Value Slides by 9% Due to SEC's Delay on Canary Capital's Litecoin ETF, While a Remarkable Crypto Wallet ICO Gathers $12 Million in Funding
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In a shocking 9% plunge over the past 24 hours, Litecoin's value dropped to $81.73, trading on an astounding 47% surge in volume to hit $574.23 million. This dramatic drop comes as the consensus on Canary Capital's Litecoin ETF proposal is being extended for further public comment.
The US Securities and Exchange Commission (SEC) has decided to seek additional insights on the proposal following the delay in decisions on other spot crypto ETF applications, including XRP, Dogecoin, and Hedera.
What's Happening with Litecoin?
Over the past day, Litecoin has confronted steep highs and lows, with its value tumbling from $89.26 at its zenith to a dismal $81.28. Subsequently, the price inched back up to $81.92, but the recovery has been slow. Whether it can rebound further remains to be seen.
Interestingly, Litecoin's Bollinger bands have broadened significantly as the price plunged, with the lower band being shoved down by the declining XRP value. However, the bands have started contracting as the coin found its bottom.
The coin's Relative Strength Index (RSI) took a nosedive from the overbought area into the oversold zone due to the SEC's announcement. Many investors who anticipated a skyrocketing LTC price started dumping their coins, causing the RSI to slide beneath 30. A flurry of traders jumped at the opportunity to buy at a discount, momentarily pushing the RSI to 60, only for another selling rush to drop the metric to 21.82.
Currently, the RSI fluctuates between the neutral zone of 50 and the oversold zone, illustrating that some traders are willing to invest, but most are awaiting the recovery to start before reentering the market.
An Attractive Alternative – Best Wallet
While the LTC market waits for a turnaround, the Best Wallet presale has surpassed the $12 million mark in funding. This crypto wallet is popular due to its support for over 60 blockchains and thousands of digital currencies that run on them. It also enables users to connect and manage multiple wallets from a single platform.
In addition to robust security features, the Best Wallet provides access to a native launchpad that identified promising tokens like Pepe Unchained, Catslap, and Wall Street Pepe early on.
Crypto influencer ClayBro, who boasts over 136k subscribers, hails BEST as "One Thing Every Crypto Holder Needs." Currently, BEST tokens are available for purchase at $0.024985, and interested investors are urged to buy before a projected price increase within a day.
Discover more about BEST.
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- Despite Litecoin's drop to $81.73 after a 9% plunge within 24 hours, investors are hoping for fluctuations to stabilize before re-entering the market, as the RSI fluctuates between the neutral zone and the oversold zone.
- As Litecoin's value plummeted, the Best Wallet presale has surged ahead, now surpassing $12 million in funding, offering an attractive alternative for investors seeking a non-custodial wallet that supports over 60 blockchains and thousands of digital currencies.
- Meanwhile, the SEC has extended its review of Canary Capital's Litecoin ETF proposal, causing a delay in decisions on other spot crypto ETF applications, such as XRP, Dogecoin, and Hedera, in the realm of finance and technology.
- Crypto enthusiasts seeking the latest news on Litecoin's price movements and other relevant updates are encouraged to join our thriving Telegram community, designed to keep users informed about the evolving world of cryptocurrency, including new investment opportunities like the Best Wallet presale.
