By Nermeen Nabil Khear 
TLDR
Canary Capital has filed for a spot Litecoin ETF in the United States
Litecoin price surged 8% following the ETF application news
If LTC captures 30% of BTC’s post-ETF performance, it could reach $2,900
Long-term price projections suggest potential targets of $400 and $1,100 by 2026
LTC must maintain support above $60-$70 to sustain bullish outlook
On October 15, the cryptocurrency market witnessed a significant development as Canary Capital filed an application for a spot Litecoin ETF in the United States.
This news triggered an immediate response in the Litecoin market, with the price of LTC surging by 8% within a 30-minute period.
The sudden spike in value has reignited interest in Litecoin and prompted discussions about its potential future performance.
Litecoin, often referred to as the silver to Bitcoin’s gold, has long been a staple in the cryptocurrency ecosystem.
As of the latest data, LTC is trading at $71.65, representing a 6.7% increase over the past 24 hours. This growth outpaces the broader crypto market, which has seen a modest 0.2% uptick during the same period.
Litecoin Price on CoinGecko
The filing of a spot Litecoin ETF application comes on the heels of the successful launch of spot Bitcoin ETFs earlier this year.
The impact of ETFs on cryptocurrency prices has been notable, with Bitcoin experiencing a 47% increase following the approval and launch of its spot ETFs.
This precedent has led to speculation about the potential effects of a similar product for Litecoin.
Analysts and market observers are now projecting various scenarios for Litecoin’s price movement should a spot ETF be approved.
One hypothesis suggests that if Litecoin were to capture just 30% of Bitcoin’s post-ETF performance, its price could soar to approximately $2,900.
This projection takes into account the relative market sizes of Bitcoin and Litecoin, with Bitcoin’s market capitalization being about 240 times larger than that of Litecoin.
Looking at the technical analysis, Litecoin’s price chart reveals a long-term ascending channel that extends from 2017 to the present day.
This pattern projects a potential target of around $1,100 by 2026. Currently, LTC is trading near the lower boundary of this channel, which has historically served as a support zone and a good area for accumulation.
The mid-term outlook for Litecoin identifies key resistance levels at $400 and $1,100, aligning with the middle and upper boundaries of the long-term channel, respectively.
These targets represent significant milestones for LTC price appreciation, with the $1,100 level suggesting a potential 1,495% gain from current prices by 2026.
The post Litecoin ETF Application Filed: Market Reacts with 8% Price Surge appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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