LTC News: Litecoin Poised for Potential Breakout Amid SEC ETF Review

Litecoin shows signs of breaking its consolidation pattern, fueled by a surge in trading volume and price jump. Meanwhile, the SEC's review of a Litecoin ETF could further influence the cryptocurrency's market dynamics.

Litecoin on the Verge of Breaking Consolidation Pattern

Analytics firm IntoTheBlock has identified whale manipulation as the cause of Litecoin's prolonged consolidation between $90 and $130. Despite a 50% gain in the past three months, LTC has struggled to break the $130 resistance zone. However, a recent 60% surge in trading volume and a 9.7% price jump indicate a potential breakout from this consolidation pattern.

Litecoin (LTC) Surges 8% As SEC Begins ETF Review Process

Litecoin (LTC) has experienced a significant surge over the past 24 hours, coinciding with the Securities and Exchange Commission (SEC) beginning its review process for multiple cryptocurrency exchange-traded fund (ETF) filings. Notably, the SEC has acknowledged CoinShares’ filings to list XRP and Litecoin ETFs on Nasdaq. This marks a crucial step towards the approval and overall regulation of the crypto industry. As a result of this positive news, LTC traded as much as 10% higher on Wednesday and is currently priced at over $135. Litecoin, one of the earliest cryptocurrencies in the market, has made a comeback with the news of a potential Litecoin ETF approval, putting it under the spotlight.

Litecoin Rallies on Positive ETF Developments

Litecoin (LTC) has faced a correction in the daily charts, down 5.5% in the last 24 hours, but is up in other time frames. The rally is likely due to positive developments in the LTC ETF arena, as the SEC has started its review process for crypto-based ETFs, including a Litecoin ETF filed by CoinShares.