Litecoin price analysis: LTC/USD bias above $142 support; Charlie Lee confirms intentions to acquire a bank in collaboration with TokenPay
|- Charlie Lee confirmed the negotiations saying, “We are exploring it.”
- Litecoin price facing resistance at the 100 SMA, on the downside $142 will support the price.
Like many other coins and altcoins in the crypto market, Litecoin price is correcting lower with over 5% decline in the last 24 hours. Litecoin price explored new levels in April reaching highs of $165 before the sellers set in to force lower consolidations. LTC/USD even traded below the support level at $142 during the trading session on Wednesday. The price bounced back and now is comfortably trading above the support on 15’ intraday chart.
Litecoin CEO, Charlie Lee and the CEO of TokenPay, Derek Capo, recently had a discussion on Twitter that hinted that the two firms would be exploring the idea of acquiring a banking solution. They are looking into a bank in Germany that will enable government education as well as work with regulators, digital asset debit cards among others. Through a message to a crypto news website, Finance Magnets, Litecoin’s CEO confirmed that negotiations were underway, he said “we’re exploring it,” but the matter remains behind closed doors.
A message from (Derek Capo) the discussion on Twitter between the two CEOs goes:
“They [sic] key to making this all work is ecosystems, partnerships and constant communication with regulators,” Capo continued “Buying a bank in Germany gets us a seat at regulator table, key to educating governments. As for $LTC we can add to our bank, debit card, gift cards etc.”
Litecoin price technical analysis
Litecoin price has broken above the key bullish trend line on the chart, while the moving averages gap is narrowing to show that the bulls are holding ground. The 100 SMA is offering immediate resistance at $146 while the 23.6% Fib retracement level with the last swing high of $165 and a low of $147.7 will prevent upside gains approximately at $150 level. The immediate support for LTC/USD is at $142 while $140 is the next support.
LTC/USD 15’ chart
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