Litecoin (LTC) maintained its upward momentum on Wednesday, trading at $93.70—its highest since March 26—despite the Securities and Exchange Commission (SEC) delaying approval of the Canary LTC spot ETF. The approval probability on Polymarket decreased slightly to 75% from 80%. Market observers note the similarity between Litecoin and Bitcoin's proof-of-work mechanisms, reinforcing expectations that an LTC ETF has a relatively strong chance for eventual approval.
ETF inflows into Litecoin are anticipated to be lower than those of larger cryptocurrencies like Bitcoin and Ethereum. Bitcoin spot ETFs have attracted over $40 billion, while Ethereum ETFs drew $2.5 billion. Technical analysis indicates that Litecoin's price surged above the 61.8% Fibonacci retracement at $87 and surpassed the 50-day Exponential Moving Average, both seen as bullish signals. Notably, LTC has formed an inverse head and shoulders pattern, a classic bullish reversal indicator, with the Awesome Oscillator showing increasing momentum after crossing above the zero line. These combined factors suggest that Litecoin's price could continue rising toward the $100 mark.
