Litecoin (LTC) Market Experienced Gentle Growth Throughout Monday’s Asian Trading Session, Trading Between $86 and $87

The Litecoin (LTC) market experienced gentle growth throughout Monday's Asian trading session, trading between $86 and $87. By CaptainAltcoin.

The Litecoin (LTC) market displayed gentle growth throughout Monday’s Asian trading session, moving between $86 and $87. Bloomberg analyst James Seyffart revved up production when he indicated Litecoin’s ETF proposition would likely succeed.

Canary Capital is seeking regulatory approval for its Litecoin ETF filing from the SEC, and both parties continue to monitor the result.

Canary Capital’s Litecoin ETF Filing

Canary Capital’s Litecoin ETF application has not received any postponement from the SEC despite delayed decisions on other altcoins. The proposal, which began with the S-1 filing in October 2024, has reached a crucial stage following the 19b-4 request submitted in January.

As the review period approaches its terminal phase, anticipation is running high, which could lead to significant developments for the cryptocurrency.

Stockholders are keeping a close eye on Litecoin, considering recent delays to Dogecoin and XRP ETF proposals. According to Bloomberg’s recent regulatory prediction, Litecoin stands at a strong 90%, which suggests an early approval could be on the horizon.

This event would sustain bullish market sentiment as altcoins recover from stagnant price action.

Litecoin ETF Edges Closer to Approval

The SEC received Canary Capital’s Litecoin ETF S-1 registration statement on October 15, 2024, initiating their proposal. The 19b-4 filing that Nasdaq submitted on January 16, 2025, marked the transition into the following regulatory stage.

Due to the established timeline, the SEC must decide on the matter by May 5.

Canary Capital’s proposal, which does not involve any waiting period, sets it apart from Dogecoin and XRP submissions regarding new cryptocurrencies to the market. Bloomberg analyst James Seyffart highlighted that Litecoin exhibits better legal compliance than its Bitcoin-based competitors.

The accelerated progress of the LTC proposal puts it in a better position for continuation compared to other altcoins.

Other filing applicants for Litecoin ETFs, including Grayscale and CoinShares, are still pending evaluation by the SEC. The SEC has an impending October deadline, yet Canary’s application is advancing without interruptions.

This distinct characteristic of this submission bodes well for the proposal’s prospects and suggests it might secure approval before its cryptocurrency competitors.

Analyst Sees Litecoin Rallying to $1458

The $65 to $85 resistance level of Litecoin has ceased to exist as it progresses toward forming new bullish patterns. Crypto Patel, the crypto analyst, projected that this recent breakout might drive Litecoin towards two short-term price targets at $255 and $500. The asset has experienced multiple months of accumulation, resulting in stronger momentum for reaching $87.

The analyst explained that continued positive momentum throughout this year would enable Litecoin to reach $1,000 or $1,458 long-term price levels. The technical strength and upcoming ETF approval make Patel believe Litecoin is prepared to exploit its current market potential.

The current market trend, together with this breakout, has the potential to boost momentum in price growth.