Among large-cap cryptoassets, only binance coin has performed better, and litecoin’s year-to-date rally leaves the bitcoin price’s 40 percent advance in the dust. However, one team of crypto analysts says the sixth-largest cryptocurrency looks poised for a sell-off.
Litecoin Price Likely to Crash Through Support – And That’s OK!
The sixth-largest cryptocurrency has climbed more than 150 percent in 2019. It might be running out of gas. | Source: CoinMarketCap
Writing in a note to clients on Wednesday, crypto brokerage BitOoda said that a downward wedge has begun to form on the litecoin chart, suggesting that the cryptocurrency could be on the verge of a short-term breakdown. That sell-off would likely cause the litecoin price – which currently holds near $80 – to crash below its near-term support line at $75.
BitOoda EVP Brian Donovan wrote:
“[W]e have seen a downward wedge forming over the last week or so. We look for potential breakdown of that $75 near-term support.”
Analysts say the litecoin price is forming a “downward wedge,” which suggests the cryptocurrency will drop below its $75 support line. | Source: BitOoda