**Summary**
– Litecoin has surged to a two-week high, outperforming leading cryptocurrencies such as Bitcoin (BTC) after the SEC recognized Canary Fund’s spot LTC ETF filing.
– Analysts predict the price could climb to $300, though its RSI nearing overbought levels suggests a possible pullback.
**How High Can LTC Go?**
The cryptocurrency sector has experienced a revival in the last 24 hours, with the global market cap surpassing $3.7 trillion. This resurgence followed the latest FOMC meeting, during which the US Federal Reserve maintained interest rates at 4.25% – 4.50%. Initially, the Fed’s decision led to a market decline. In a subsequent conference, Chairman Jerome Powell stated that the central bank is “not against innovation” concerning cryptocurrencies and that local banks are “perfectly able to serve crypto customers, as long as they understand and can manage the risks.” Following the press conference, prices of cryptocurrencies like Bitcoin (BTC), Solana (SOL), Cardano (ADA), and Chainlink (LINK) rose, with Litecoin (LTC) outperforming the top 20 digital assets with a 14% increase over 24 hours. It now trades at around $130, the highest since mid-January.
The significant factor behind this rally is the US SEC’s acknowledgment of Canary Fund’s intent to launch a spot LTC exchange-traded fund (ETF). With the agency’s acknowledgment, a regulatory review process begins, which could last up to 240 days. Approval of an LTC ETF could provide more investment options and positively impact the price long-term. Analysts anticipate further gains for LTC during this bull cycle. According to the X user Nebrascangooner, the asset looks “mega bullish” and might reach around $160 next month. Prior assumptions suggested Litecoin’s potential bull run could be followed by a Bitcoin (BTC) increase. George, another X user, speculated that LTC might replicate the impressive performance of Ripple’s XRP and skyrocket to $300.
**Something for the Bears**
Despite the overall bullish outlook and positive forecasts, LTC’s Relative Strength Index (RSI) indicates a potential correction. This technical analysis tool helps traders identify possible trend reversals by measuring the speed and change of price movements. The RSI ranges from 0 to 100, and readings above 70 suggest the asset is overbought and could experience a pullback. The ratio has been gradually increasing and is currently close to the bearish mark.
**Twitter**
– Litecoin hits a two-week high with SEC recognition of Canary Fund’s ETF filing. Is $300 next? Analysts weigh in. 🚀 #Litecoin #CryptoNews
– Despite bullish trends, LTC’s RSI hints at a possible pullback. Stay informed. 📉 #CryptoTrading #MarketAnalysis