Litecoin Price Spikes Above $80 on Bank Acquisition News …

The cost of litecoin peaked to $81 on Wednesday amid important news for the cryptocurrency mostly called the china to bitcoin’s gold.

The world’s sixth-largest cryptocurrency by marketplace value looks to have picked up a bid on reports that the Litecoin Foundation has acquired a 9.9 percent interest in Germany’s WEG Bank through a new partnership with crypto-to-fiat payments provider TokenPay.

The vital partnership has non-stop the doors for new consumer-focused crypto remuneration solutions, and, according to litecoin owner Charlie Lee, is a “huge win-win” for all parties.

While the news has positively brought hearten to the smashed litecoin bulls today, the technical charts sojourn inequitable to the bears.

At press time, LTC is trade at $79.50 – up 4.73 percent on a 24-hour basis, carrying mislaid more than 50 percent in the last two months. Trading volume for the last 24 hours is low at just over $3 billion, according to CoinMarketCap.

Daily chart

Litecoin’s decrease from the event high of $81.00 outlines a disaster on the part of the bulls to cut through the descending trendline resistance.

The draft also shows a bearish crossover between the 5- and 10-day relocating averages (MAs).

Further, the long-term MAs are positioned one next the other and are trending south in preference of the bears.

Thus, the trail of slightest insurgency is to the downside.

Weekly chart

On the longer-term draft above, the 5- and 10-week MAs are tilted downwards, indicating a bearish setup. The relations strength index (RSI) is hovering next 50.00 (in the bearish territory).

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  • A mangle next $75.42 (today’s low) would accelerate the already bearish technical setup and could produce a dump to $69.00 (100-week MA).
  • Only a daily tighten (as per UTC) above the descending trendline would endorse a short-term bearish-to-bullish trend change.

Disclosure: The author binds no cryptocurrency resources at the time of writing.

Litecoin picture around Shutterstock

Article source: https://www.coindesk.com/litecoin-price-spikes-above-80-on-bank-acquisition-news/

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