Litecoin Price Spikes Above $80 on Bank Acquisition News

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

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.

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.

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

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.

On the longer-term chart above, the 5- and 10-week MAs are sloping downwards, indicating a bearish setup.

The relative strength index is hovering below 50.00.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

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