Litecoin Plummets 9% Due to SEC's Delay of Canary Capital Litecoin ETF Decision, While Top Crypto Wallet's ICO Gathers $12M
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The Litecoin (LTC) price took a nose dive, losing 9% in the last 24 hours to trade at $81.73 as of 4.40 a.m. EST, on a trading volume that skyrocketed an impressive 47% to $574.23 million.
The plunge in LTC value came after the US Securities and Exchange Commission (SEC) decided to extend the review period of Canary Capital's application to launch a Litecoin ETF. The delay now calls for additional public comments on the proposal. Late last year, the SEC also deferred other spot crypto ETF applications, including for XRP, Dogecoin, and Hedera.
Litecoin Price Outlook
The last 24 hours have brought about a significant shift in the LTC market. The coin's value dropped from $89.26 at its peak yesterday to $81.28 at its lowest point today. Although there has been a minor recovery up to $81.92, it remains slow going. The question remains whether the price will sustain its recovery or plunge further.
The coin's Bollinger bands saw a significant widening as the price dropped with XRP value pushing the lower band down, but they began to narrow once the coin found its bottom.
The coin's Relative Strength Index (RSI) saw a sharp plunge from the overbought zone to the oversold area after the SEC's decision was made public. Many investors who were hoping to see the LTC price soar started selling instead, causing the RSI to plummet below 30. Some traders jumped in to buy the discounted coin, propelling the RSI up to 60 briefly, only to dip down again to 21.82.
Since then, it has fluctuated between the neutral value of 50 and the oversold zone, showing that some traders are still eager to buy, but most are biding their time for the recovery to begin before they jump back in.
Promising Alternative: Best Wallet (BEST)
While LTC waits for a recovery, the Best Wallet (BEST) presale has raked in over $12 million in funding. The wallet, which supports over 60 blockchains and thousands of cryptocurrencies, allows users to manage all their funds from a single place. Plus, it offers top-notch security and a native launchpad that signals successful tokens, such as Pepe Unchained, Catslap, and Wall Street Pepe.
Crypto YouTuber ClayBro, with 136k subscribers, calls BEST "one thing every crypto holder needs." BEST tokens can be bought for $0.024985 apiece, but interested investors are encouraged to purchase them before a price hike in just a day or two.
Learn more about $BEST.
On 3 May 2025, the Best Wallet team Tweeted:
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- Despite the Litecoin (LTC) drop of 9%, investors are still hoping for a recovery, as they watch the coin's fluctuations between the neutral value of 50 and the oversold zone.
- The Best Wallet (BEST) presale, offering support for over 60 blockchains and thousands of cryptocurrencies, continues to attract funding, with Crypto YouTuber ClayBro highlighting it as "one thing every crypto holder needs."
- As investors consider their options during the LTC price turbulence, they may find interest in the Best Wallet, a promising alternative that simplifies crypto management and boasts top-notch security.
- To stay updated on the latest news in the crypto world, including developments like the Best Wallet presale and any Litecoin (LTC) recovery, join our Telegram channel.
