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Litecoin Price Running Out of Gas After Meteoric Rally: Crypto Analyst

Josiah Wilmoth
The litecoin price has boomed in 2019. One crypto analyst says it can't keep this pace up much longer. | Source: Shutterstock

By CCN: The litecoin price has been one of the cryptocurrency market’s top performers in 2019, climbing a ridiculous 162 percent since the new year.

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!

litecoin price crypto analysis

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.”

litecoin price cryptocurrency technical analysis

Analysts say the litecoin price is forming a “downward wedge,” which suggests the cryptocurrency will drop below its $75 support line. | Source: BitOoda

Read the full story on CCN.com.