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

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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

But while Donovan’s analysis suggests that traders might be wise to take some short-term profits, a breakdown would not necessarily be a sign of long-term weakness in the cryptocurrency. Rather, it would be a “healthy” retracement given that the litecoin price has already surged more than 350 percent from its bear market low at $22.

“LTC has rallied from the lows of last December from ~$22 roughly 350%. A short-term retracement would not at all be unlikely NOR would it be a bad sign for the token. Healthy pullbacks can and should occur in an asset that rallies this hard, this fast.”

LTC Bull: Triple-Digit Mark Not Out of the Question

Even so, not everyone is convinced that litecoin’s support level test will result in a breakdown.

Writing on Twitter, The Rhythm Trader set forth a more bullish scenario, arguing that if more volume rushes in to defend that support level – which until recently was a key resistance line – the litecoin price could quickly vault into triple-digit territory.

“If $LTC shows a little volume here, this could get really interesting with a break of $100 quick if this support holds.”

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,777 0.18 % 0.63 % 3.49 %
Ethereum1,959.9 0.41 % 0.83 % 2.33 %
Tether1.001 0.18 % 0.07 % 0.04 %
BNB328.65 0.27 % 0.12 % 14.01 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4101 0.62 % 0.64 % 0.90 %
Binance USD1.002 0.18 % 0.13 % 0.03 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana48.53 0.27 % 1.65 % 2.48 %
Polkadot9.990 0.48 % 1.20 % 4.92 %

bitcoin
Bitcoin (BTC) $ 29,603.00
ethereum
Ethereum (ETH) $ 1,944.84
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 326.54
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.406489
binance-usd
Binance USD (BUSD) $ 0.998977
cardano
Cardano (ADA) $ 0.514548
solana
Solana (SOL) $ 48.03
dogecoin
Dogecoin (DOGE) $ 0.083722