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The price of Litecoin has increased by 7% in the last 24 hours to trade at $71.26 as of 12:56 a.m. ET, trading volume skyrocketed 164% to $972 million.
This comes after Canary Capital announced that it has filed an application to establish its first exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
Canary Capital has filed the first Form S-1 for an LTC ETF with the U.S. Securities and Exchange Commission (SEC). If approved, the ETF would provide individual and institutional investors with broad, direct exposure to financial instruments #Litecoin ‘ $LTC ‘ ⚡️https://t.co/ob3heK7dFS pic.twitter.com/IfjcdCPle6
— Litecoin Foundation ⚡️ (@LTCFoundation) October 15, 2024
According to the filing, Canary’s proposed ETF aims to hold spot LTC trades and closely track the performance of CoinDesk’s Litecoin (LTX) Price Index.
Litecoin price may continue to rise
Litecoin price saw a significant increase in October as bulls took control of the price around $62.19, pushing LTC towards the resistance of $67.94. According to data from the portal, movements within this resistance allowed the Litecoin price to form an inverse head and shoulders formation Gecko Terminal.
As a result, the bulls took control of the price to ensure that the trend continued to the current price.
Litecoin price is currently above the 50-day and 200-day simple moving average (SMA), confirming its continued upward trajectory.
The Relative Strength Index (RSI) is currently at 76.46, which indicates that the asset is in overbought territory. A reading above 70 usually signals overbought conditions and may suggest a potential pullback or consolidation after this sharp rally.
The MACD is showing a bullish split, with the MACD line (blue) crossing the signal line (orange). This suggests that the dynamics have changed in favor of the bulls.
LTCUSD Chart Analysis Source: GeckoTerminal.com
Litecoin price forecast
According to Litecoin price analysis, a head and shoulders pattern has been identified on the 4-hour chart. The head is forming around $64, and the right shoulder shows a breakout around $66. This pattern is usually a reversal signal. In this case, a successful break above the neck line suggests confirmation of a reversal of a downtrend into an uptrend.
If this trend continues, Litecoin’s price could surge even higher as bulls target $80.
In a converse scenario, bears could now take advantage of the asset sell-off as shown by the RSI, which could push the LTC price through a correction back to the $64 support level.
Meanwhile, investors willing to take on more risk may want to take a look at the new meme coin Cryptocurrency Stars (STARS)which exceeded $2.3 million in pre-sale funds.
According to 99Bitcoins, a major cryptocurrency channel on YouTube with over 706,000 followers. subscribers, $STARS has the potential to grow 100x once launched.
Crypto All-Stars Pre-Sale – Best Cryptocurrencies to Buy Now?
C͏rypto All-S͏t͏a͏r͏s is a Revolut͏ion͏ar͏y project that combines the M͏emeVault ecosystem with cryptocurrency. With MemeVault, users can stake popular meme coins such as DOGE, SHIB, and PEPE in one place, earning STARS tokens as rewards.
The unique design ͏e of the M͏emeVault͏ platform joins me in staking coins on ͏e ͏um͏b͏r͏ella, p͏rovid͏ improved usability and ͏ards.
Why is everyone excited?
In the initial pre-sale phase, Crypto All-Stars collected over 350,000. dollars! 💰
This early success shows that investors see BIG potential in this. 🚀
Could this be the next one $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
From the very beginning, another eight meme coins can be staked on the platform: Floki Inu, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu and Bonk. There are plans to add more
Apart from staking other meme coins, you can also do this take your $STARS tokenswhich have a massive Annual Yield (APY) of 630%.
You can now buy $STARS tokens for $0.0015007 each. However, since the price increase will happen in less than 2 hours, you’ll need to act quickly to ensure you get the best deal.
Buy $STARS on the official website here using BNB, USDT or bank card.
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