- Litecoin price after trading as high as $3.64 started correcting lower, but it looks like the mentioned correction phase extended more than anticipated.
- There is an expanding triangle pattern formed on the hourly chart (data feed from Bitfinex), which may ignite the next move.
- The broken triangle trend line on the 2-hours chart (data feed from HitBTC) is currently acting as a support and preventing further losses.
Litecoin price is trading near a critical juncture, as a break below the $3.50 and a close may call for more losses and a change in the trend.
Can Buyers Prevent a Break?
We mentioned during this past week’s analysis that the $3.50-55 area holds the key for Litecoin price. The price settled above the stated level this past week and traded as high as $3.64. There was a bearish trend line on the hourly chart, which was cleared to take the price higher. Now, it looks like a short-term top is created near $3.64, as the price corrected higher. However, the correction phase extended more than anticipated, and if sellers remain in control, then the price may head further lower.