Litecoin (LTC) price held steady on Wednesday, a day after the SEC delayed the Canary LTC ETF.

Litecoin price was nearly flat on Wednesday, a day after the Securities and Exchange Commission (SEC) delayed the Canary LTC ETF.

Litecoin (LTC) traded up to $93.70, its highest level since March 26, and 43% above its lowest level in April. The coin rebounded even as the SEC pushed back on approving a spot LTC ETF by Canary, a fast-growing asset management firm. As a result, the probability of approval on Polymarket dropped to 75% from this week’s high of 80%.

An LTC ETF is seen to have a higher chance of approval due to the cryptocurrency’s similarities with Bitcoin. Both are proof-of-work coins, with the key differences being their maximum supply caps and mining algorithms.

Bitcoin (BTC) has a maximum supply of 21 million coins and uses the SHA-256 algorithm. Litecoin, on the other hand, is capped at 84 million and utilizes the Scrypt algorithm, which is more memory-intensive.

An approved Litecoin ETF would likely herald some institutional demand, although its inflows are expected to be slower compared to Bitcoin and Ethereum (ETH), which are significantly larger and more popular coins.

Recent data from SoSoValue indicates that Wall Street’s interest is still largely concentrated on Bitcoin, with spot BTC ETFs attracting over $40 billion in inflows. In comparison, Ethereum ETFs have seen about $2.5 billion.

Litecoin price technical analysis

The daily chart shows that Litecoin has rallied from its April bottom of $63.15 to around $90. It has now traded above the 61.8% Fibonacci retracement level at $87 and the 50-day Exponential Moving Average — both are seen as signs of bullish momentum.

More importantly, LTC has formed an inverse head and shoulders pattern, a classic reversal formation. The head is at $63, with the shoulders around $83.

Litecoin has also moved above a key pivot-reversal level on the Murrey Math Lines tool at $87.50. Additionally, the Awesome Oscillator has crossed above the zero line, which is another indication of increasing momentum.