Litecoin (LTC) price shot up a staggering 9% in the past day as the cryptocurrency reclaimed the 20-day EMA.
By Parth Dubey
Edited by Marco T. Lanz
Updated
2 mins read
Nasdaq, one of the world’s largest stock exchanges, officially filed 19b-4 forms with the United States Securities and Exchange Commission (SEC), seeking approval to list and trade two new crypto exchange-traded products (ETPs) from CoinShares. The proposed products – the CoinShares XRP ETF and the CoinShares Litecoin ETF – would give investors direct exposure to leading digital assets XRP $2.15 24h volatility: 0.4% Market cap: $125.43 B Vol. 24h: $3.41 B and Litecoin LTC $78.16 24h volatility: 0.4% Market cap: $5.92 B Vol. 24h: $352.20 M .
The announcement flipped the bullish switch on Litecoin which then soared a massive 9% in the past 24 hours. The cryptocurrency is already up 16% in the last seven days and trades at $118.24 at the time of writing. LTC was one of the few altcoins that remained significantly profitable in the past week.
CoinShares had previously unveiled plans to expand its footprint in the United States market, capitalizing on the favorable regulatory environment that has emerged under the current pro-crypto administration of Donald Trump. According to Eric Balchunas, Bloomberg’s senior ETF analyst, the Litecoin ETF has the potential to make history as the first-ever altcoin ETF to be approved and launched during the Trump administration.
CoinShares filed S-1 filings for the products last month, and while the ticker symbols for the proposed funds have not yet been revealed, the firm has doubled down on its crypto ETF plans with the 19b-4 applications.
The price action of Litecoin reclaimed the 20-day Exponential Moving Average (EMA), printing a staggering 10.59% in gains on the February 10th daily candle. A breakout with strong volume can be confirmed. However, if a retest of the 20-day EMA as support is successful, investors can expect higher prices.
The Relative Strength Index (RSI) for the LTC price action reads a value of 55.93, which means that the bulls are now back dominating the altcoin’s market. Also, the gradient of the line remains bullish for Litecoin, suggesting increased possibilities for higher prices in the coming days.
Photo: TradingView
The MACD indicator is about to witness a bullish divergence if the current rally sustains. There is a possibility for Litecoin to make an attempt to breach the resistance between the $130-$140 price level.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
