Litecoin ETF approved by SEC, LTC might reach $200

After Canary Capital's ETF registration was approved by the SEC, Litecoin rose double-digits.

This beats SEC-unacknowledged XRP and Solana ETF registrations.

A broken neckline resistance of an inverted Head-and-Shoulders pattern might boost Litecoin by 30% to $186.

After the US Securities and Exchange Commission (SEC) approved Canary Capital's Litecoin ETF 19b-4 application, LTC rose over 15% on Thursday.

Canary Capital ETF application gets SEC approval, boosting Litecoin.
As investors celebrated the SEC's approval of Canary Capital's 19b-4 Litecoin ETF application, the cryptocurrency rose 17%.

The rise in cryptocurrency interest is due to investors' expectations of a smooth review process and SEC clearance.

If the Litecoin ETF is authorized, it might revive the asset and spur mainstream use.

Canary Capital's Litecoin ETF registration was recognized by the SEC before Solana and XRP. These SEC-unapproved files are also competing for new crypto ETFs.

"Throw in the SEC comments on the S-1 and this filing is by far the furthest along checking all the boxes," said Bloomberg ETF analyst Eric Balchunas on X.

Grayscale, CoinShares, and Monochrome have also applied for Litecoin ETFs with the SEC.

The SEC may approve Canary's ETF after a few months, but investors are optimistic.

This is owing to its similarities to Bitcoin, which already has an ETF, and acting SEC Chair Mark Uyeda's tilt toward better crypto regulation.

Crypto enthusiasts expect the SEC to approve digital asset legislation quickly with the new strategy. Investor optimism and LTC prices not seen since the 2021 bull run might result.

A rise over the pattern's neckline resistance and support might send Litecoin up 30% to $186, a two-year high. The theory is invalidated if support at $108 is broken.

Bullish momentum is indicated by the RSI and Stochastic Oscillator (Stoch) above neutral.

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