Canary Capital’s recent Litecoin ETF pitch of the S-1 filing to the The Securities and Exchange Commission (SEC) has planted a seed of optimism among market watchers, but Litecoin (LTC) hasn’t picked up any bullish impulse on the news.
On the contrary, market connoisseurs are painting a dim picture for the OG altcoin if LTC’s price doesn’t manage to keep up with the critical resistance. For Ali Martinez, this price ceiling arrives in the $132 – $135 price range, meaning that a downturn to $50 is plausible if LTC’s market correction conquers this barrier.
No ‘Uptober’ Yet? LTC May Be Late To The Party..
Right now, this looks pretty much the case, as the #22 seated altcoin is trading at $116.82 with a slight uptick of 0.80% over the past 24 hours. Notably, most major-caps are witnessing 2-3% downswings on Wednesday amid global financial uncertainty, but LTC defies this bearish trend so far.
This is boosted with a trading volume that’s majorly picked up from last week, while Litecoin’s Proof Of Work (PoW) blockchain is celebrating its 14th birthday. The very first block on Litecoin (LTC) was minted on October 7, 2011, signifying the glamorous inception of Bitcoin’s (BTC) lighter counterpart.
With $611 million in trading volume on Spot markets, LTC, once deemed the silver to Bitcoin’s gold, still has a chance at restoring the early 2025 bull race levels, which ultimately can lead to price discovery. However, LTC massively trails Bitcoin (BTC) in the ‘Uptober’ festivities, deemed historically bullish for crypto.
Most importantly, Litecoin’s ETF decision could drag on to 2026 due to the United States (USA) government shutdown still going on. On the other hand, Bloomberg’s ETF expert-given 95% chances of an eventual approval add an extra layer of confidence for Litecoin (LTC) to spearhead to unprecedented price levels.
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People Also Ask:
The Litecoin (LTC) ETF is a proposed spot exchange-traded fund by Canary Capital, aiming to track LTC’s price for traditional investors, filed in early 2025.
Ali Martinez warns of a potential $50 drop for LTC due to a U.S. government shutdown delaying SEC decisions, despite progress like Canary’s recent S-1 amendments.
The shutdown has stalled SEC reviews, adding uncertainty. A 5% Bitcoin dip this week and Trump’s tariff threats on China are also pressuring LTC’s price downward.
Yes, if approved—analysts see a potential rebound to $110 if news breaks soon, though $50 remains a key support level amid current bearish trends.
Follow updates on X via @ali_charts or check Canary Capital’s filings, as well as read the latest news from DailyCoin to stay in the loop.
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