LTC Price Surge of 10% Following SEC's Delayed Decision on LTC ETF, as Competing OnlyFans Equivalent Gears Up for $400k Presale Proceeds
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Let's zoom in on Litecoin, shall we? The LTC price sailed 10% upward in the last 24 hours, hitting $92.41 as of 4:09 a.m. EST. This spectacular surge was accompanied by a 58.2% boost in trading volume to an impressive $859 million.
However, you might be asking, "What about that SEC delay on Canary Capital's Litecoin ETF decision?" Well, while this news might seem like a bummer, guess what? The market isn't shrinking violets, and investors seem to be adopting a glass-half-full attitude. They're either optimistic about eventual crypto ETF approvals or viewing the request for public comment as progress, rather than a rejection.
🚨 HOLD UP! The SEC is holding off on Canary Capital's Litecoin ETF decision. Comments are open until June 9. #LTC price slips a bit after the word, but don't fret!
Canary Capital, spearheaded by ex-Valkyrie Funds co-founder, Steven McClurg, filed for the LTC ETF way back in October. The SEC is currently mulling the proposal to see if it brings any fresh concerns that weren't addressed in past ETF reviews.
Litecoin's Price Bucks the Death Cross, Edges Toward a 48% Breakout
On the 12-hour chart, Litecoin waltzed 10% from the $82.36 support zone up to $92.41, making a dazzling comeback. This stellar rebound came when the cryptocurrency stood firm at the 50 Simple Moving Average (SMA), a level that's played a vital role in recent months.
The price storm now takes a giddy Test Flight toward the $98.22 level, right where the 200 SMA and a former supporter-turned-resister wait in ambush. This breathtaking rally incites fresh confidence among the bull camp, especially as technical indicators scream, "Trend Reversal!"
The 50 SMA, which had been zigzagging southward since early March, is now curling back up, flirting with a potential "Golden Cross" formation, which is a solidly bullish signal. This golden nugget could negate the dark "Death Cross" that popped up in mid-March and sent prices plummeting 28%.
LTCUSDT Analysis Source: Tradingview
The RSI (Relative Strength Index) currently reads 63.13, nudging close to the red zone (above 70), which means Litecoin is charging forward mightily but could lose some steam temporarily.
Meanwhile, the MACD (Moving Average Convergence Divergence) indicator just lit up like a Christmas tree, with the MACD line shooting across the signal line, hinting at thriving upward potential in the short term.
Litecoin Aiming for a Breakout as $98 Resistance Looms
The Litecoin price is still nestling beneath the robust resistance at the $98.22 level, a historic barrier to growth. Should it vault and maintain control above this hump, it could open the doors toward $104, and rampage all the way up to $147.
On the pessimistic side, vital supports lurk at $82.36, with stronger structural supports lurking down at $63.07 and $60.50. Should the price nosedive below these pillars, it'd continue to sail on the downtrend course.
Litecoin appears to be camped within an ascending parallel channel, which adds exciting structure to its recent surge. With volume escalating and momentum indicators shining, all eyes are now entranced by the $98 zone.
A spirited sweep above this threshold could stoke further upward momentum, potentially shifting the LTC forecast from consolidation to recovery.
SUBBD Token Presale Fuels Fires, Next Crypto Aiming for Sky-High Returns?
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- Despite the SEC's delay on Canary Capital's Litecoin ETF decision, Litecoin's price has bucked the trend, edging toward a 48% breakout, with a dramatic 10% surge in the last 24 hours, elevating the LTC price to $92.41.
- The sloping 50 Simple Moving Average (SMA) is now curving back up, potentially indicating a "Golden Cross" formation, a bullish signal that could negate the previous "Death Cross" and reverse the downward trend.
- In technology and finance, investors seem to be adopting a glass-half-full attitude towards the SEC's delay, either optimistic about eventual crypto ETF approvals or viewing the request for public comment as progress, rather than a rejection.
- Simultaneously, the innovative AI-powered platform, SUBBD Token,has raised an impressive $339k during its presale, signaling it as a potential trailblazer in the $85 billion content subscription market.
