The SEC’s announcement to postpone a decision on the Canary Funds Litecoin ETF led to a 6% drop in LTC price, which is now trading at $82.38.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
2 mins read
Litecoin LTC $90.41 24h volatility: 7.5% Market cap: $6.86 B Vol. 24h: $432.71 M price has cracked nearly 6% earlier today after the US Securities and Exchange Commission (SEC) announced its plans to delay the Canary Funds Litecoin ETF approval further.
As a result, LTC price has come under strong selling pressure, currently trading 5.97% down at $82.38, with its daily trading volumes surging 50%, to $553 million. Despite today’s price action, investors are still not losing hope, while expecting LTC to find strong support at $81.54 levels, and stage a quick recovery from there onwards.
As shown in the image below, if LTC price reverses its trajectory from this support level, it could stage a recovery to $148.
$LTC GETTING READY TO SOAR!
Support Level: $81.54
Target Price: $148.80A strong bounce from the support level could trigger a massive rally! Keep a close eye on LTC's chart for a potential breakout! #LTC #Crypto #Bullish pic.twitter.com/BtPFmDknuv
— Alts King 👑 (@ZabiAltsKing) May 6, 2025
Popular crypto analyst Crypto Patel stated that LTC is breaking out of its long-standing resistance line, while hinting at a potential upside move.
He believes that currently, Litecoin is flirting in the “Best Accumulation Zone” between ~$65-$85. Interestingly, the analyst has given a short-term price target of $255 and $500.
$LTC MACRO BREAKOUT – NEXT LEG INCOMING?#LITECOIN confirmed a breakout above its multi-year resistance line after holding the Best Accumulation Zone for months!
🔸 Support Held: ~$65
🔸 Accumulation Zone: ~$85-$65
🔸 Short-Term Target: $255/$500
🔸 Long-Term Target:… pic.twitter.com/wrFb0bpqT0— Crypto Patel (@CryptoPatel) May 4, 2025
On Monday, May 5, the SEC announced its decision to postpone the Canary Funds Litecoin ETF proposal, which was very much on the expected lines.
The securities regulator is now seeking public input and comments focusing on whether the ETF proposal complies with key regulatory standards, particularly those aimed at preventing fraud and market manipulation.
As per the filing, the public comments are due by May 26, 2025, while rebuttals to the comments shall happen by June 9, 2025. The delay underscores the agency’s cautious approach to cryptocurrency-linked financial products and its commitment to ensuring investor protection.
Furthermore, the US SEC has also delayed its decision on other crypto ETFs, including that for Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B , XRP XRP $2.22 24h volatility: 0.8% Market cap: $129.99 B Vol. 24h: $2.17 B , and others. Market experts don’t see this delay as a major concern, but just a sign of further assessment.
“Wouldn’t read too much into SEC delaying decision on Canary’s spot litecoin ETF… New SEC commissioner just sworn in two weeks ago. Has to get feet wet. Still think vast majority of existing crypto ETF filings will be approved before year-end, if not sooner,” ETF Store President Nate Geraci said.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
