Litecoin (LTC) prices shot up 9% in the past day and is up 16% in the past week alone.
The surge followed Nasdaq’s 19b-4 filings for CoinShares’ Litecoin ETF and XRP ETFs.
The ticker for the ETFs have yet to be unveiled but the filing shows CoinShares’ commitment to crypto.
Nasdaq, one of the world’s largest stock exchanges, officially filed 19b-4 forms with the United States Securities and Exchange Commission (SEC), seeking approval to list and trade two new crypto exchange-traded products (ETPs) from CoinShares. The proposed products – the CoinShares and the CoinShares – would give investors direct exposure to leading digital assets and Litecoin .
The announcement flipped the bullish switch on Litecoin which then soared a massive 9% in the past 24 hours. The cryptocurrency is already up 16% in the last seven days and trades at $118.24 at the time of writing. LTC was one of the few altcoins that remained significantly profitable in the past week.
CoinShares had previously unveiled plans to expand its footprint in the United States market, capitalizing on the favorable regulatory environment that has emerged under the current pro-crypto administration of Donald Trump. According to Eric Balchunas, Bloomberg’s senior ETF analyst, has the potential to make history as the first-ever altcoin ETF to be approved and launched during the Trump administration.
CoinShares filed S-1 filings for the products last month, and while the ticker symbols for the proposed funds have not yet been revealed, the firm has doubled down on its crypto ETF plans with the 19b-4 applications.
Litecoin Analysis
The price action of Litecoin reclaimed the 20-day Exponential Moving Average (EMA), printing a staggering 10.59% in gains on the February 10th daily candle. A breakout with strong volume can be confirmed. However, if a retest of the 20-day EMA as support is successful, investors can expect higher prices.
The Relative Strength Index (RSI) for the LTC price action reads a value of 55.93, which means that the bulls are now back dominating the altcoin’s market. Also, the gradient of the line remains bullish for Litecoin, suggesting increased possibilities for higher prices in the coming days.
Photo: TradingView
The MACD indicator is about to witness a bullish divergence if the current rally sustains. There is a possibility for Litecoin to make an attempt to breach the resistance between the $130-$140 price level.