Litecoin (LTC) is a decentralized currency that is censorship-resistant and open to everyone. Send low-cost, secure, borderless private payments to anyone, anywhere, at any time.
On October 15, 2024, Canary Capital filed an S-1 application with the U.S. Securities and Exchange Commission (SEC) to create a Litecoin exchange-traded fund (ETF). The ETF will hold actual Litecoin and track its price, making it easier for retail and institutional investors to obtain Litecoin without having to purchase and store the cryptocurrency themselves.
LTCUSD has been one of the best performing currencies over the past two days, surging nearly 15% on a massive increase in trading volume. It hit a high of $73.01 and is currently trading around $70.95.
On the 4-hour chart, the pair is sustaining above the short-term (34 and 55-day MA) and long-term 200-day MA ($65.80).
Bearish invalidation is likely to occur if the pair closes above $85. Downside, the immediate support is $60. Any close below targets $50/$47/$40.
The immediate resistance is around $77. Any breakout of the above confirms a minor correction. A jump to $85/$98/$112/$134 is possible. A breakout of $115 (last year’s high) will take Litecoin to $153.
It would be better to buy on dips around $66 with a stop loss around $50 and a target price of $98.
