Delay in Litecoin ETF Approval Impact on Traders: An Analysis
**"Here's the lowdown on Litecoin's [LTC] ETF decision!"
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- Litecoin ETF - Delays, Decisions, and Potential Impact
James Seyffart, the man in the know when it comes to ETFs, recently posted on his favorite platform. The SEC, folks, ain't pulled no tricks with Canary Capital's LTC ETF application... yet. But there's a chance it'll get postponed on the 5th of May.
Now, it's crucial to recognize that the SEC's decision-making process may still see a delay. But if you're gonna hold onto hopes of early approval, best keep 'em locked and loaded.
Litecoin's Struggle at the Fibonacci Retracement Level
Source: LTC/USDT on TradingView
Look at the 1-day chart, and you'll see that Litecoin's got a bearish swing structure despite its bounce off the $63 mark in April. For the setup to turn around, the $96.5 swing high gotta go. But, don't get too hyped yet. The D1 Awesome Oscillator indicates some upward momentum, but the A/D shows that demand has been weak over the past month. Adding insult to injury, the $89.3-level, representing the 78.6% Fibonacci retracement level, is just askin' for a rejection. And a few days back, Litecoin did exactly that. The price formed a short-term range, $83.3 to $88.8. Given the weak demand, a rejection from $89 might be more likely than a surging breakout.
Source: Coinglass
The 2-week liquidation heatmap points to $80.3 and $91.4 as nearby magnetic zones that could pull the price like a magnet. The $91.4-level's closer at the moment, making it a more viable target.
In the coming days, the range formation's probably gonna persist. With the lack of bullish enthusiasm and the closer liquidation levels highlighted by the chart, it seems like Litecoin's gonna sweep both levels before charging forward on its next big move.
Remember, pal, this ain't financial advice; it's just my opinion.
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- The price prediction for Bitcoin (BTC) could see a significant change if a Bitcoin-based ETF gets approved, impacting the crypto finance and investing sector.
- Mining cryptocurrencies aside, many investors are looking forward to the chance of getting involved in crypto ETFs for more straightforward, accessible investing.
- Despite the potential impact of Litecoin's (LTC) ETF decision, the price of Litecoin has shown resistance at the 78.6% Fibonacci retracement level, which was recently rejected.
- The oscillator indicators show that Litecoin's upward momentum is limited, with weak demand over the past months, suggesting that a rejection from the $89.3-level might be likely.
- In the two-week liquidation heatmap, nearby magnetic zones point to $80.3 and $91.4, making the $91.4-level a more viable target due to its current proximity.
- Given the persisting range formation and the lack of bullish enthusiasm, it's possible that Litecoin will sweep both liquidation levels before making its next significant move in the crypto technology market.
- Elaborating on the potential price movement of various cryptocurrencies and examining their mining process, trading strategy, and market trends could lead to better-informed decisions when investing in ETFs or directly in the crypto market.
