The Litecoin price surged 7% in the last 24 hours to trade at $71.26 as of 00:56 a.m. EST on trading volume that skyrocketed 164% to $972 million.
This comes after Canary Capital announced that it had filed for its first LTC spot exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
According to the filing, Canary’s proposed ETF aims to hold spot LTC and closely track the performance of the CoinDesk Litecoin Price Index (LTX).
Litecoin Price Could Continue Soaring
The Litecoin price has been on a notable surge in October, as the bulls took control of the price within the $62.19 to push LTC up to the $67.94 resistance. The movements within this resistance allowed the price of Litecoin to form an inverse head and shoulders pattern, according to data from GeckoTerminal .
As a result, the bulls then took control of the price to stage a trend continuation to the current price.
The Litecoin price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which confirms the upward trajectory’s continuation.
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 could suggest a potential pullback or consolidation after this sharp rally.
The MACD shows a bullish crossover, with the MACD line (blue) crossing above the signal line (orange). This suggests that momentum has shifted in favor of the bulls.
LTCUSD Chart Analysis Source: GeckoTerminal.com
Litecoin Price Prediction
According to the Litecoin price analysis on the 4-hour chart, a head-and-shoulders pattern has been identified. The head forms around the $64 mark, and the right shoulder shows a breakout at around $66. This pattern is typically a reversal signal. In this case, the successful breakout above the neckline suggests that the reversal from a downtrend to an uptrend is confirmed.
If this trend continues, the price of Litecoin could soar even higher as the bulls target $80.
In an inverse scenario, the bears could now capitalize on the asset being oversold, 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 more risk might take a look at the new meme coin Crypto All-Stars (STARS) , which has blasted past $2.3 million in funds raised in its presale.
According to 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, $STARS has the potential to soar 100X after its launch.
The Crypto All-Stars Presale – Best Crypto To Buy Now?
C͏rypto All-S͏t͏a͏r͏s is a revolu͏t͏ion͏ar͏y project that b͏ring͏s the M͏emeVault eco͏syste͏m to the cryp͏to wor͏l͏d. Through MemeVault, users can stake popular meme coins like DOGE, SHIB, and PEPE in one place, while earning STARS tokens as rewards.
The uniq͏ue design ͏of th͏e M͏emeVault ͏platform͏ unites me͏me coin staking u͏nder͏ on͏e ͏um͏b͏r͏ella, p͏rovid͏ing enhanced util͏ity an͏d rew͏ards.
Another eight meme coins can be staked on the platform from the outset: Floki Inu, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. And there are plans for more to be added
Apart from staking other meme coins, you can also take your $STARS tokens, which have a huge annual percentage yield (APY) of 630%.
You can buy $STARS tokens for $0.0015007 each right now. But with a price hike coming in less than 2 hours, you should act fast to secure the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card .
Related News
- Jacob Bury’s 5 Best Crypto Picks for Today’s Market – $AAVE, $NEIRO, $PEPU, $BRETT, $OM
- Best NFTs to Buy and How to Buy NFTs
- How to Buy Bitcoin with Credit Card
