📉 LTC ETF Approval Odds Decline
Litecoin faces pressure as odds for a spot LTC ETF approval drop. Polymarket polls show just a 24% chance of approval by July 31, dimming investor optimism. Only Canary Capital has applied for an LTC ETF, and SEC approval remains uncertain despite Litecoin being a Bitcoin fork.
🔻 Falling Litecoin Transactions and Hash Rate
Litecoin’s on-chain activity is decreasing, reflecting waning market interest. Transactions hit their lowest since 2023, while the hash rate dropped from a record high of 1.95 Phash/s to 1.71 Phash/s. Declining transaction fees further underline a drop in network usage.
📊 Bearish H&S Pattern Emerges
LTC’s price chart shows a head and shoulders pattern, a bearish signal. With a neckline at $96.78, the coin has already fallen below its 50-day moving average. Breaking below the 100-day EMA could trigger a slide to $86.50, and possibly $76.65, marking a potential 20% decline.
📈 Upside Potential
The bearish outlook could reverse if LTC breaks above $112.67, invalidating the head and shoulders pattern. Until then, caution is advised as downside risks dominate the market.
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