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crypto.news 2025-05-07 14:19:53

Litecoin price flashes rare bullish pattern, signaling a surge to $100

Litecoin price flashes rare bullish pattern, signaling a surge to $100

Litecoin price held steady on Wednesday, a day after the Securities and Exchange Commission delayed the Canary LTC ETF. Litecoin ( LTC ) rose to $93.70, its highest level since March 26, and 43% above its lowest level in April. The coin rallied even the SEC delayed approving a spot LTC ETF by Canary , a fast-growing asset management company. As a result, the odds of approval on Polymarket dropped to 75% from this week’s high of 80%. A spot LTC ETF is seen as having higher chances of approval due to Litecoin’s similarity to Bitcoin. Both are proof-of-work coins, with key differences in their maximum supply caps and mining algorithms. Bitcoin ( BTC ) has a maximum supply of 21 million coins and uses the SHA-256 algorithm. Litecoin, on the other hand, has a cap of 84 million and utilizes the Scrypt algorithm, which is more memory-intensive. You might also like: Litecoin ETF could get early nod as SEC decision is expected by May 5 An approved Litecoin ETF would likely spur some institutional demand, though its inflows are expected to lag behind those of Bitcoin and Ethereum ( ETH ), which are much bigger and more popular coins. Recent data from SoSoValue shows that Wall Street interest is still focused on Bitcoin, with spot BTC ETFs attracting over $40 billion in inflows. Ethereum ETFs have seen about $2.5 billion. Litecoin price technical analysis LTC price chart | Source: crypto.news The daily chart shows that Litecoin has rallied from its April bottom of $63.15 to around $90. It has climbed above the 61.8% Fibonacci retracement level at $87 and the 50-day Exponential Moving Average — both signs of bullish momentum. More importantly, LTC has formed an inverse head and shoulders pattern, a classic reversal formation. The head is at $63, with the shoulders near $83. Litecoin has also moved above a key pivot-reversal level on the Murrey Math Lines tool at $87.50. Additionally, the Awesome Oscillator has crossed above the zero line, further indicating increasing momentum. You might also like: Ethereum’s Pectra upgrade is a game changer, staking infrastructure firm P2P.org explains

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