On May 5, the U.S. Securities and Exchange Commission (SEC) will take a final decision on the Canary Litecoin ETF as LTC price shows strength with daily trading volumes surging 31% to more than $338 million. Bloomberg ETF strategist James Seyffart stated that while the SEC has issued delays for other crypto ETFs, it has yet to make a decision for the Canary Funds.
Litecoin ETF Decision Looms as SEC Deadline Nears
In his earlier message on the X platform, Seyffart noted that while the SEC has already delayed several ETF filings, this particular proposal for Canary Funds has not yet been postponed. Among other altcoins like XRP, Solana, Cardano, market analysts believe that Litecoin has greater odds of approval considering its unique attributes and regulatory history.
The odds of approval for a Litecoin ETF stand anywhere close to 90%, while those for XRP ETFs and others stand at 85%, as reported last week. Dogecoin and Cardano ETFs show strong potential, with approval odds standing at 80% and 75%, respectively. Similarly, Polkadot, HBAR, and Avalanche ETFs remain competitive, with approval chances of 75%, 80%, and 75%, respectively.
However, Seyffart personally anticipates that a delay for Litecoin ETF remains the most likely outcome, urging market participants to keep an eye on the development. While the US SEC continues to navigate the evolving regulatory landscape for crypto ETFs, the demand for Bitcoin ETFs is once again on the rise, with strong inflows during the last week.
Analysts Eye $500 LTC Price Target Ahead
As per analyst Crypto Patel, LTC price seems to be on the verge of a significant rally ahead, following a breakout from a multi-year resistance line. After months of consolidation in a defined range, LTC’s bullish momentum is gaining traction, as the altcoin trades around $87.00 levels as of press time.
Analyst Crypto Patel stated that LTC seems to have broken out of the accumulation range of $65-$85, while setting up the short-term LTC price targets of $255 and $500. Interestingly, the analyst also predicts long-term price targets of $1,000 to $1,458+.
Source: Crypto Patel
“Despite testing investors’ patience, LTC remains poised for a sharp move,” Patel stated. He emphasized the potential for a dramatic surge in this bull market, potentially reaching $500 in the near term. Furthermore, the approval of the LTC ETF could possibly catalyse the rally moving ahead.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
