DZ Bank, the second-largest bank in Germany, received approval from the German Financial Supervisory Authority (BaFin) to begin the operation of the meinKrypto platform. The new platform will begin trading operations with four cryptocurrencies, including Litecoin (LTC), among others. The approval allows for the operation of the platform through the EU’s Markets in Crypto Assets Regulation (MiCAR).
By launching meinKrypto, DZ Bank is taking a very bold move into the cryptospace by providing its customers with a safe platform for cryptos. With the addition of Litecoin as part of its initial products, DZ Bank is taking a very significant move towards the adoption of cryptos as a formality within Germany and possibly all of Europe.
Also Read: Litecoin (LTC) Consolidates Above Key Support: Is a Rally Toward $140 Next?
Litecoin (LTC) Targets $80 For the Bulls to Move On
However, the crypto analyst, CryptoWZRD, pointed out that Litecoin (LTC) ended the day with a slight positive closing, giving some hope to the traders. The next focus, however, will be on LTCBTC, which needs to demonstrate some stronger positive action if a full-fledged positive trend is to be achieved. Traders should watch the intraday charts, as they might be able to give some important clues about the next possible actions for Litecoin.
Source: X
The $80.00 level is a pivotal level for Litecoin in the short term. A break above this important support level is a strong indication that the bullish story is going to continue, while a break below this level can cause volatile price movements that can further result in a lack of a clear trend for Litecoin. It is important to note how Litecoin performs around this level in the next few sessions along with its performance on LTCBTC.
Technicals Suggest Consolidation Before Reversal
From the technical perspective, the RSI value is seen at 41.11, which is close to the oversold area; therefore, there is a possibility that the price may move up as there is a change in the trend. The purple line on the graph illustrates a bearish momentum.
Source: TradingView
However, on the MACD indicator, a negative value is indicated in the MACD histogram, indicating that a bearish trend is prevailing. The MACD line is below the signal line, indicating that the momentum is on the negative side. The negative values of the histogram indicate a strong downtrend in Litecoin’s price.
Also Read: Litecoin (LTC) Eyes $86 Resistance, Bitcoin Dominance Will Guide Next Trend
