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  • LTC/USD gained 10% on a daily basis, stopped bu 50-DMA.
  • Litecoins Founder shared his plans for the purchased German bank.

Litecoin is changing hands at $92.32, off the early Asian high at $94.48. The coin gained nearly 10% on a daily basis and continued recovering strongly from the recent low reached at $74.35. The market value of the sixth largest coin settled at $5.3B, the average daily trading value is registered at $380M.

Litecoin’s founder Charlie Lee shed some light on the German bank acquisition. He explained that Litecoin Foundation didn’t pay any money for the stake as it was acquired through a partnership with TokenPay. He also added that he  expected to get a board position in the bank and expand its services to digital assets.

“Best case is that with this bank, we are able to create and deliver crypto solutions like debit cards, merchant processing, and other innovative solutions. However, even with a stake and influence at the bank, it’s not guaranteed that this will succeed. People have brought up valid concerns that we still need to work with and be approved by players in the current financial systems like Visa and SWIFT, but we definitely have a much higher chance of succeeding now that we own a stake in a bank with bank licenses,” he wrote in a Reddit post.

Litecoin’s technical picture

From the technical point of view, LTC/USD broke above psychological $90.00 and tested area above 500-DMA (currently at $94.18). While this resistance remains unbroken, a strong bullish trend a mid series of crypto positive data may push the price higher in the nearest future. Once this level is cleared, the upside may be extended to 23.6% Fibo at $99.41 and ultimate bullish goal at psychological $100. On the downside, the local support is provided by $90.00 and $88.90, which is today’s low.

LTC/USD, the daily chart