Home Litecoin Litecoin Price Spikes Above $80 on Bank Acquisition News

Litecoin Price Spikes Above $80 on Bank Acquisition News

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The price of litecoin spiked to $81 on Wednesday amid notable news for the cryptocurrency often called the silver to bitcoin’s gold.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The world's sixth-largest cryptocurrency by market value looks to have picked up a bid on reports that the Litecoin Foundation has acquired a 9.9 percent stake in Germany’s WEG Bank through a new partnership with crypto-to-fiat payments provider TokenPay.” data-reactid=”12″>The world’s sixth-largest cryptocurrency by market value looks to have picked up a bid on reports that the Litecoin Foundation has acquired a 9.9 percent stake in Germany’s WEG Bank through a new partnership with crypto-to-fiat payments provider TokenPay.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The strategic partnership has opened the doors for new consumer-focused crypto payment solutions, and, according to litecoin founder Charlie Lee, is a "huge win-win" for all parties.” data-reactid=”13″>The strategic partnership has opened the doors for new consumer-focused crypto payment solutions, and, according to litecoin founder Charlie Lee, is a “huge win-win” for all parties.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Bitcoin’s Price May Be Charting a Bull Reversal” data-reactid=”14″>Bitcoin’s Price May Be Charting a Bull Reversal

While the news has certainly brought cheer to the battered litecoin bulls today, the technical charts remain biased to the bears.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="At press time, LTC is trading at $79.50 – up 4.73 percent on a 24-hour basis, having lost more than 50 percent in the last two months. Trading volume for the last 24 hours is stagnant at just over $3 billion, according to CoinMarketCap.” data-reactid=”16″>At press time, LTC is trading at $79.50 – up 4.73 percent on a 24-hour basis, having lost more than 50 percent in the last two months. Trading volume for the last 24 hours is stagnant at just over $3 billion, according to CoinMarketCap.

Daily chart

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Litecoin’s decline from the session high of $81.00 marks a failure on the part of the bulls to cut through the falling trendline resistance.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Litecoin Foundation Acquires 9.9% of Bank in Payments Partnership” data-reactid=”35″>Litecoin Foundation Acquires 9.9% of Bank in Payments Partnership

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

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

Thus, the path of least resistance is to the downside.

Weekly chart

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On the longer-term chart above, the 5- and 10-week MAs are sloping downwards, indicating a bearish setup. The relative strength index (RSI) is hovering below 50.00 (in the bearish territory).

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  • A break below $75.42 (today’s low) would bolster the already bearish technical setup and could yield a drop to $69.00 (100-week MA).
  • Only a daily close (as per UTC) above the falling trendline would confirm a short-term bearish-to-bullish trend change.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Disclosure: The author holds no cryptocurrency assets at the time of writing.” data-reactid=”61″>Disclosure: The author holds no cryptocurrency assets at the time of writing.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Litecoin image via Shutterstock” data-reactid=”62″>Litecoin image via Shutterstock

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