- Litecoin price after attempting a correction failed, and currently heading lower.
- The price breached a monster support area, which is signaling towards more declines ahead.
Litecoin price clearing a critical support area is a warning sign to buyers and could ignite a downside move.
Litecoin price solid run towards the upside failed around $8.98, as it traded lower. The downside was stalled around $3.24. It was a monster decline, as pointed in the previous weekly analysis. However, buyers made an attempt to take the price higher, but the upside was stalled just below the 38.2% Fib retracement level of the last drop from $8.98 to $3.24.
There was a bullish trend line formed on the 4-hours chart of Litecoin price chart, which was breached by sellers after the price failed around $5.50. If this turns out to be a real break, then we might witness a down-move in the near term. The price has just settled below the 100 simple moving average, which is a negative sign and could increase the bearish pressure. We need to see whether sellers manage to gather pace, as there are many signals for more losses moving ahead.