For nearly a week, the crypto market showcased low volatility with neutral candle formations in Bitcoin. The uncertainty can be attributed to the market participants’ reaction to Donald Trump’s economic policies, creating a feedback loop that may further drive price swings. However, the Litecoin price outperformed the market consolidation with a 12.3% gain intraday, following CoinShare’s filling for LTC exchange-traded fund (ETF) with Nasdaq.
Is Litecoin price ready to break three-year consolidation?
Key Highlights:
- Nasdaq submitted a 19b-4 filing to the U.S. SEC on January 10 to list and trade CoinShares-backed XRP and Litecoin (LTC) ETFs.
- The Litecoin price is poised for another 18% surge to challenge key resistance at $141.
- A bullish alignment between key exponential moving averages (20, 50, 100, 200) hints at bullish sentiment in the market.
Nasdaq Seeks Approval for XRP & Litecoin ETFs
On February 10th, Monday, Nasdaq officially submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) on January 10, seeking approval to list and trade two CoinShares-backed exchange-traded funds (ETFs) for XRP and Litecoin (LTC). The proposal aims to list these ETFs under Nasdaq Rule 5711(d), which governs the listing and trading of Commodity-Based Trust Shares on the exchange.
If approved, the XRP and Litecoin ETF will provide investors with regulated exposure to these assets, potentially increasing their adoption and market liquidity. This move signals growing institutional interest in alternative crypto coins beyond Bitcoin and Ethereum.
Litecoin Price Consolidation Hints Major Breakout
Outperforming the broader market consolidation, the Litecoin price has surged from $98.4 to $120 — a 22% increase — within a week. This bullish turnaround further solidified LTC’s correction bottom at $92.5.
While the long-tail rejection candle at the aforementioned support hints at demand pressure, it also reveals the potential formation of a cup and handle pattern. This classic reversal pattern displays a long-accumulation zone established on February 22 in a U-shaped recovery and the recent pullback to recuperate the bullish momentum.
Following Coinshare’s ETF filling, the Litecoin price bounced and breached a significant resistance of $117.3. If the breakout sustains, the buyers could drive another 18% surge in price to challenge the C&H pattern’s neckline resistance at $141.
A breakout beyond this resistance weekly candle closing is crucial for LTC to end a 3-year sideways trend and chase a high past $240.
Also Read: Japan FSA Plans to Classify Crypto as a Financial Product
