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Litecoin - Weekly Bearish Breakdown

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by , 10-17-2019 at 04:10 PM (38 Views)
      
   
Litecoin prices declined in September, amid profit taking and development concerns. Will the altcoin rebound in the coming months?

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Litecoin prices declined in September, enjoying notable gains earlier in the month and then falling sharply as traders sold off the altcoin (cryptocurrency other than bitcoin). “After a meteoric rise in value this year, Litcoin has been consolidating in recent months due to profit-taking and the generally poor performance of crypto assets since July,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.

In addition, the digital currency markets suffered a “huge sell off” toward the end of September, which “caused a lot of people to dump a lot of tokens at that exact time,” said Tim Enneking, managing director of Digital Capital Management. Litecoin was “crushed” in this sell-off, which “affected every major token in the space,” he stated.

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