What’s Next for LTC Price?
After the Fed decided to maintain interest rates, the cryptocurrency market has maintained a stable growth. Among them, Litecoin stood out in the Altcoin industry and achieved significant double -digit growth in just a few hours. This surge has affected several indicators on several chains, which shows that the price of Litecoin is currently overvalued. If the price of LTC is struggling with resistance levels, this may lead to huge sales pressure.
Despite rising prices, Litecoin’s MVRV is still declining
After rumors that Litecoin -based exchange trading funds (ETFs), Litecoin faces increasing purchase demand. On a decentralized market Polymarket, cryptocurrency sellers approved 87 % of this year’s Litecoin -based exchange trading fund (ETF) at the US Securities and Exchange Commission (SEC).
When SEC began to publicly comment on the proposed Golden Silk Litecoin ETF, the hope of investors increased. The public has 21 days to announce the feedback, which will help the SEC decide whether to approve ETF.
Please read another: Why today’s Litecoin prices have risen: key factor has pushed 14 % of the influx
After the comment period, the SEC has a 45 -day decision, which can extend it to 90 days to approve or refuse or further review ETF.
Due to this news, the purchase pressure in the LTC price table increased. Data from Intotheblock show that even if the price of LTC rises, Litecoin’s MVRV ratio has declined. At present, this ratio is 1.23, indicating that the last realization value is close to the market value of LTC.
The rise in prices may show that despite rising prices, the value of the holder does not support this price increase, which indicates potential overestimate.
Bloomberg’s ETF analyst Eric Balchunas emphasized that this was the first Altcoin ETF to get such a far away, showing major progress during the approval process. However, it is unclear whether the SEC will speed up its decision or use the entire 240 -day review period.
What is the next step of LTC?
As buyers have increased the price from a low price of $ 110 to the recent high price of $ 134, the price of Litecoin has been facing more and more purchase demand. At present, the price of buyers is higher than 23.6 % of the FIB level to stabilize the momentum in the region. As of writing this article, the transaction price of the LTC price was $ 131.6, an increase of 17.1 % in the past 24 hours.
The 20 -day EMA EMA was $ 119, and RSI exceeded 69, which indicates that buyers have advantages. If the LTC is disconnected and closed down, the rally may be pushed to $ 150 and may be extended to $ 165.
On the other hand, if the price is reversed sharply from the downward trend line, it means that the seller still has influence at a higher price. This may cause them to try to push LTC/USDT to SMA for 50 days at a price of $ 120.
