Litecoin Has Best Chance for ETF Approval, Bloomberg Analyst

Litecoin (LTC) opened Monday's Asian trading session near $86, showing modest gains despite broader cryptocurrency market consolidation. Bloomberg analyst James Seyffart highlights Canary Capital's spot Litecoin ETF application, assigning it a 90% chance of approval – the highest among similar filings.

Canary Capital's proposed ETF has an October 15, 2024 launch date, with a 19b-4 filing via Nasdaq in January 2025, currently awaiting SEC approval. Unlike delayed filings for Dogecoin and XRP ETFs, Litecoin's application has progressed without delay, fueling optimism.

The @CanaryFunds Litecoin ETF filing is due for a decision (possibly a delay) by Monday 5/5. SEC went early & delayed a bunch of filings but not this. If any asset has a chance of early approval it's Litecoin IMO. Personally think a delay is more likely but def something to watch pic.twitter.com/FilnUcMtUH— James Seyffart (@JSeyff) May 4, 2025

Seyffart considers Litecoin the most likely candidate for early approval, although an SEC extension remains a possibility. Grayscale and CoinShares have also proposed Litecoin ETFs, with approvals expected by October.

Technically, LTC trades comfortably above the $84 support zone, reinforced by the 100 4-hour EMA and 200-day EMA. A break above the 50 EMA and ascending trendline could propel LTC towards $100. However, resistance is anticipated around $88-$90.

An RSI above 50 suggests bullish momentum. Other factors influencing LTC price include overall market sentiment, Federal Reserve interest rate decisions, and macroeconomic conditions such as inflation and US-China trade relations.

For LTC traders, key support levels lie at $84, $81, and $75. Monitoring a potential breakout to $100 is also advisable.