Litecoin (LTC) Price Remains Steady Ahead of Canary Capital's Spot ETF Decision

The cryptocurrency market is eagerly awaiting the Securities and Exchange Commission’s (SEC) verdict on Canary Capital’s spot Litecoin (LTC) Exchange Traded Fund (ETF), which is expected on Monday, May 5.

While the SEC recently postponed rulings on ETF filings from other cryptocurrencies like Dogecoin (DOGE) and XRP, it has not yet pushed back its review of the Litecoin ETF.

At present, the chances of a Litecoin ETF approval stand at 90%, according to Bloomberg analysts, who have also assigned an 85% probability for an XRP ETF. The approval odds for a Dogecoin ETF and a Cardano (ADA) ETF are rated at 80% and 75%, respectively.

Canary Capital filed its proposal for the Litecoin ETF in October 2024 as an S-1 registration statement with the SEC. This was followed by a 19b-4 filing from Nasdaq on January 16 to advance the regulatory review.

Two other Litecoin ETF proposals, from Grayscale and CoinShares, are also pending with the SEC, which has time until October to decide on all three Litecoin ETF filings.

Litecoin Price Technical Analysis

Litecoin’s price is currently showing bullish potential as it trades at critical levels around $84. At the 4-hour chart, Litecoin is holding above the 100 and 200-day Exponential Moving Averages (EMAs).

A breakout above the 50 EMA and the ascending trendline resistance could set the stage for gains toward the psychological $100 mark. However, traders should anticipate some resistance in the $88-$90 price range.

The Relative Strength Index (RSI) could indicate a potential trend reversal targeting $100 if it manages to rise above the midline at 50.

With LTC remaining above all three key moving averages—the 50, 100, and 200 EMAs—and forming higher lows, the upward trend seems likely to continue.

Litecoin Price Long-Term Predictions

Crypto analyst Crypto Patel, known for his bold predictions, sees Litecoin (LTC) poised for a significant rally.

According to Patel, LTC has completed a breakout from its multi-year resistance level and has spent months forming an “accumulation zone.” This sets up the potential for a short-term price surge to reach $255 and potentially even $500.

“Despite testing the patience of those who've been accumulating LTC for months, LTC is now poised for a SHARP move,” said Patel.

He further predicts that LTC could hit $1,000 to $1,458 in the "final stage" of this bull market.

Patel’s analysis is supported by the observation that daily trading volume for LTC recently surged 31% to more than $338 million.

If traders are optimistic about Litecoin’s potential to rise toward $100, they should keep an eye on support above the 50-day EMA and the ascending trendline. This would provide an incentive for buyers to step in.

Beyond the confluence support at $84, the next potential price anchors for LTC lie in the demand zones of $81 and $75, respectively.

The broader cryptocurrency market trends will also influence Litecoin’s performance this week, especially with the Federal Reserve set to announce its decision on interest rates.

U.S. President Donald Trump has urged Fed Chair Jerome Powell to cut interest rates in a statement on Monday.

But the build-up of inflation and ongoing trade tensions between the U.S. and China may complicate the Fed’s decision-making process.

The SEC’s verdict on the Litecoin ETF comes as demand for Bitcoin (BTC) ETFs is heating up again, with reports of strong inflows into such products last week.

As the May 5 deadline approaches, all eyes are on the SEC’s decision, which could potentially trigger the next major move in Litecoin’s price from current levels.