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17.01.202513:49 Forex Analysis & Reviews: Litecoin and DOGE set for new surge

Altcoins continue to rapidly strengthen their positions. This week, Nasdaq and Canary Capital Group submitted new applications to the US Securities and Exchange Commission (SEC) that are crucial to gaining regulatory approval for a spot Litecoin ETF. The so-called Form 19b-4, which the exchange must file in order to list the fund, was filed on Wednesday, shortly after Canary, a new digital asset-focused investment firm, submitted the updated registration form, known as Form S-1. The SEC must approve both forms before the ETF becomes available for trading.

Experts note that Nasdaq's Form 19b-4 sidesteps the relationship with the SEC, but the latter must still confirm the application, which typically happens within a couple of weeks. Once the SEC confirms it, the market will have a clearer understanding of the potential timelines for either rejection or approval. In the meantime, any rumors are likely to spur buying activity for this altcoin.

In addition, as we know, Donald Trump's idea of creating a strategic crypto reserve in the United States is currently under discussion. While it is far from certain that the proposal will come to fruition, if such a reserve is established, it will provide a new boost to the cryptocurrency market. DOGE is also a cryptocurrency created in the US and a favorite token of Elon Musk, who, in turn, is currently one of Trump's closest allies. Therefore, all the criteria for DOGE's inclusion in the US multi-cryptocurrency reserve are met, so a new surge in this altcoin if such a fund is launched will come as no surprise.

From a technical perspective, Bitcoin has already tested the $102,100 level. A break above this level would pave the way for further gains to $103,200 and $104,600. The ultimate target will be the one-year high of $108,000, and overcoming this level will mark a return to a medium-term bull market. In the event of a bearish correction, buyers are expected to regain control of the market at around $100,900. A return below this level could quickly drag the cryptocurrency down to $99,700 and even $98,500. The most distant target would be the $97,000 area.

As for Ethereum's technical outlook, a clear consolidation above the $3,400 level will open the way to $3,480 and then $3,570. The ultimate target will be the one-year high of $3,650, and its breakout will signal a return to a medium-term bull market. In the event of a correction, buyers are likely to take the lead at around $3,333. A break below this level could quickly push ETH down to the $3,250 area and even the $3,180 level. The most distant target would be the $3,120 area.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

Jakub Novak,
Analytical expert of InstaSpot
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