Market
What Happens to LTC After ETF Filing?
Litecoin’s (LTC) price has increased by 6.70% today and reclaimed the $70 level for the first time in nearly two months. This notable increase comes after investment firm Canary Capital disclosed that it is pursuing a Litecoin exchange-traded fund (ETF) with the SEC.
With the ETF filing acting as a catalyst, this on-chain analysis highlights how Litecoin’s price could experience a substantial surge. Should Litecoin’s price continue to rise, investor interest may surge. This could also allow long-term holders to unlock profits after months of volatility.
ETF Speculation Lifts Litecoin
Litecoin’s 6.70% price increase today positions it as one of the top gainers out of the top 100 coins. Data from CoinGecko shows it is only behind Dogecoin (DOGE), which has surged by 8% over the last 24 hours.
As mentioned above, Canary Capital’s announcement of its pursuit of a Litecoin ETF with the US SEC is the rally’s driving force. Despite that, on-chain data from IntoTheBlock reveals that a significant portion of Litecoin holders have not yet benefited from the recent price surge.
According to the In/Out of Money Around Price (IOMAP) metric, around 840,000 LTC addresses bought their coins between $71.54 and $81.14. This suggests that these holders are still “underwater,” as the current price of LTC remains below their entry levels.
Read more: Litecoin vs. Ethereum: What’s the Difference?
Until LTC surpasses this level, those who purchased in this range might continue to face selling pressure as they seek to break even. However, if Litecoin’s price continues to climb, these holders may be poised to unlock significant profits. Consequently, this could also Litecoin to break through to $80.14.
Beyond this, Litecoin Open Interest climbed to $243.09 million. OI, as it is commonly called, refers to the sum of the value of open contracts in the market. When it decreases, traders remove liquidity from contracts linked to cryptocurrency.
An increase, on the other hand, indicates a rise in speculative activities with LTC. From a trading perspective, rising OI and price could lead to further price appreciation.
LTC Price Prediction: Free from Bearish Channel
Litecoin has shown impressive price action following the news of the ETF filing, breaking out of its previous descending channel. This breakout signals a potential shift, possibly ending the bearish pressure that had been holding LTC back in the short term.
If this positive momentum continues, Litecoin’s value could see a significant 35% jump that could take it to $95.60. In a more bullish scenario, LTC price could surpass the $100 mark again, rekindling investor confidence and drawing in more buying activity.
Read more: How To Buy Litecoin (LTC) in 4 Easy Steps
However, it’s important to monitor developments surrounding the ETF filing with the SEC. If the chances of approval begin to diminish, LTC could fall back to around $63.40. This scenario would highlight the impact that regulatory uncertainty can have on both short-term and long-term price movements.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
WIF Slide Below $3.582 Sparks Fears Of Further Losses
WIF latest dip below the crucial $3.582 support has triggered concerns across the market, as bearish sentiment appears to be gathering strength. Its break below this key level could pave the way for even greater losses, leaving traders to question whether the bulls can stage a comeback or if further declines are inevitable.
As downside risks grow, this analysis aims to examine WIF’s recent drop below the critical $3.582 support level and explore the potential implications of this bearish shift for future price movement. By assessing current market sentiment, key technical indicators, and possible support zones, we seek to determine whether WIF is positioned for more losses or if a reversal may be on the horizon.
Examining WIF’s Drop Below The Critical $3.582 Support Level
On the 4-hour chart, WIF has recently broken below the $3.582 level, triggering bearish momentum as the price moves toward the $2.896 support range and the 100-day Simple Moving Average (SMA). As the bearish trend develops, the market is closely watching for any signs of stabilization or a deeper slide toward key support zones.
The 4-hour Relative Strength Index (RSI) has dropped from the overbought zone to 53%, signaling a reduction in upward momentum. This move toward neutral territory suggests that buying pressure may be waning, and market participants will be looking for indications of continued decline or a potential shift in momentum.
On the daily chart, WIF is showing strong negative strength, highlighted by a bearish candlestick pattern that has pushed the price below the critical $3.582 support. This pattern indicates that sellers are firmly in control of the market, relentlessly driving the price lower, prompting a strong likelihood of further drops in the near term.
An analysis of the 1-day RSI suggests WIF may face extended losses as it has dropped from a high of 80% to 64%, indicating a reduction in buying pressure. Typically, this decline points to a possible weakness of bullish momentum, with more downward pressure likely if the RSI continues to wane.
Potential Support Zones To Watch If WIF Continues To Drop
If WIF continues to drop, key support zones to watch out for include the $2.896 level, which has previously acted as a critical point for price stabilization. Below this, the next support level to monitor is positioned around $2.257, where WIF may find additional buying interest. A break below these levels could open the door to further declines toward other psychological support zones.
Conversely, if WIF breaks below the $2.896 support level, it could signal the start of a bullish comeback, potentially pushing the price back above the $3.582 level and toward higher resistance points.
Market
Exploring Hottest New Coins: MAYA, Banana, and Jorgie
Since their recent launches, MAYA, Banana, and Jorgie coins have quickly captured significant attention. MAYA debuted on Pumpfun four days ago and now boasts a market cap of $21.4 million and over 36,000 holders.
Banana followed closely, launching three days ago and reaching a market cap of $36.6 million with more than 14,000 holders. Jorgie, launched just two days ago, has already amassed 22,000 holders and a market cap of $14.3 million.
MAYA
MAYA made its debut on Pumpfun almost four days ago before quickly graduating to Raydium. The token has gained significant traction, currently holding a market cap of $21.4 million. In just a few days, MAYA has already attracted over 36,000 holders.
The daily transaction volume for MAYA is also impressive. The coin currently sees more than 114,000 transactions per day.
MAYA has risen nearly 40% in the last 24 hours. Despite this surge, the RSI remains at 42.44, suggesting considerable room for growth. The token’s recent price increase hasn’t yet pushed it into overbought territory, indicating potential for further upside.
Banana for Scale (Banana)
Banana is also in the Solana ecosystem, and it was also launched on Pumpfun, just three days ago. The token has gained a lot of traction, currently boasting a market cap of $36.6 million. In just a few days, Banana has managed to attract more than 14,000 holders.
The daily transaction volume for Banana is notable, with over 32,000 transactions occurring each day for the coin.
Banana’s current RSI is at 58, which means it is still below the overbought threshold of 70. However, with an RSI of 58, its potential for growth might be more limited compared to tokens with a lower RSI. It is not yet in overbought territory, but it is approaching levels that indicate more caution may be warranted for further gains.
Jorgie (MONKEY TAKEN BY POLICE)
Jorgie coin was also launched on Pumpfun, just two days ago. It currently has a market cap of $14.3 million and 22,000 holders.
The daily transaction volume for Jorgie is also impressive, with almost 50,000 transactions occurring each day. However, it’s down 38% in the last 24 hours, which could suggest a good entry point for new investors who like meme coins.
Jorgie’s current RSI is at 44.07, placing it in the neutral zone. This means that while the token is neither oversold nor overbought, there is potential for price movement in either direction. Being in the neutral zone suggests that Jorgie could still experience upward momentum without immediately facing resistance from overbought conditions, leaving room for further growth.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
These Are Today Trending Altcoins: HAMMY, Notcoin, PEPE
Contrary to the performance earlier in the week, several cryptos have slowed down the initial bullish momentum they had. As a result, most of today’s trending altcoins today, November 15, have seen their prices decline.
However, out of the top three, according to CoinGecko, one has gone against the broader trend. This analysis reveals why these altcoins are trending and what’s next for their values. The top three are SAD HAMSTER (HAMMY), Pepe (PEPE), and Notcoin (NOT).
SAD HAMSTER (HAMMY)
SAD HAMSTER has emerged as one of today’s trending altcoins, primarily due to a significant price surge. Over the past 24 hours, HAMMY’s price has skyrocketed by 39%. This remarkable rally followed a post from Elon Musk, who expressed support for a campaign aimed at raising $3 million for hamster health.
This development sparked a wave of buying pressure for HAMMY, which is $0.40 at press time. Further, the daily chart shows that the Bull Bear Power (BBP) has risen to the highest level since September.
When the BBP falls, it means bears are in control, and selling pressure is intense. However, since the reading jump, bulls are putting a lot of pressure on the price. If that continues, HAMMY’s price could rally to the highest level of the wick at $0.55.
On the other hand, if profit-taking increases, this might not happen. Should that be the case, SAD HAMSTER’s price could sink to $0.29.
Pepe (PEPE)
PEPE, the frog-themed meme coin, is also part of today’s trending altcoins due to the recent Coinbase and Robinhood listing. While the price reacted positively to that development on November 13, the last 24 hours have seen the value tank by 13%.
This price drop may be attributed to the broader market decline and increased selling pressure. From a technical standpoint, BeInCrypto also noted that PEPE’s overbought condition contributed to the drawdown.
For instance, the Relative Strength Index (RSI), which measures momentum, has jumped above 70.00, reinforcing the thesis that the altcoin is overbought. Assuming the RSI reading is less than 30.00, it would have been deemed oversold.
Considering the current outlook, the cryptocurrency’s price could drop to $0.000015. But if buying pressure comes into play again, the trend might change, and PEPE could bounce to $0.000026.
Notcoin (NOT)
Like Pepe, Notcoin is trending because of a double-digit decline. In the last 24 hours, NOT’s price has decreased by 12% and trades at $0.0073. This price action contradicts the altcoin’s performance some days back when its value rose by 25%.
On the daily chart, the Notcoin price attempted to rise toward $0.010, but resistance at $0.0076 prevented this. Trading volume around the Telegram-based token has also declined, indicating a drop in market interest.
If this remains the same, the altcoin’s value might decrease to $0.0066. However, this prediction might be invalidated if buying pressure rises. If that happens, the Notcoin could rise to $0.010.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
Market16 hours ago
Crypto fear and greed rises as investors turn to Vantard
-
Market23 hours ago
Will Profit-Taking Slow the Surge?
-
Market22 hours ago
Bitcoin Price Holds The Line: Is Another Surge Possible?
-
Market21 hours ago
OpSec CEO and Team Resign Amid Fraud Allegations by ZachXBT
-
Market20 hours ago
XRP Price Rockets Upward: Bulls Poised for More Gains
-
Market19 hours ago
Bitcoin Rally Boosts Coinbase, Robinhood in Global App Store
-
Altcoin19 hours ago
Here’s How Much The Dogecoin Price Will Be With The Market Cap Of Solana
-
Market18 hours ago
BNB Price Poised for Takeoff: Will It Be The Next to Rally?