On Wednesday, litecoin prices rose to $ 81, while important cryptocurrency news often called gold for bitcoins.
The sixth largest cryptocurrency in the world by market value seems to have collected an offer for that the Litecoin Foundation acquired a 9.9% stake in WEG Bank in Germany through a new partnership with TokenPay , cryptographic payment service provider.
The strategic partnership opened the door to new consumer-centric cryptographic payment solutions, and according to to the founder of the litecoin Charlie Lee, is a "huge benefit to all parties.
the news has certainly brought cheer for today's litecoin battered bulls, the technical charts remain biased by the bears.
At press time, LTC trades at $ 79.50 – up 4.73% on a 24-hour basis , having lost more than 50% in the last two months The trade volume of the last 24 hours is stagnating at just over $ 3 billion, according to CoinMarketCap.
Litecoin's decline from the session session of $ 81.00 marks a failure on the part of the bulls to cut resistance to the falling trend line.
The chart also shows a bearish crossover between 5 and 10-day moving averages (MA).
In addition, the long-term MAs are positioned one below the other and tend south in favor of the bears.
Thus, the path of least resistance is downward  Weekly chart
In the long-term chart above, the 5 and 10 week MAs are tilted downwards, indicating a downward configuration. The relative strength index (RSI) is below 50.00 (in bearish territory).
- A break below $ 75.42 (today's low) would strengthen the technical approach already on the downside and could lead to $ 69.00 (100-week MA).
- Only a daily closing (as per UTC) above the declining trend line would confirm a short-term bearish to bullish trend change.
Disclosure: The author does not hold any assets of cryptocurrency writing time.
Image of Litecoin via Shutterstock
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