LTC Breakout Fails As The Price Still Stands In Corrective Stage

LTC breakout fails right after the weekend when the price increased slightly but failed to come back to the previous levels reached at the beginning of the month. This is why we are reading more about the price analysis in the coming altcoin news below.

The new movement indicates that the price is still in its corrective stage and that the structure from a couple of days ago will become the new wave. Now that the price is in downwards correction with a strong selling pressure as seen from the charts, we could expect to see further downside at an ending point of $126. A breakout to the upside form this horizontal resistance occurred over the weekend but the LTC breakout fails again.

Since the price already reached the $142 price level, the price is expected to go further below as the third wave should keep developing. The price of Litecoin has increased since the opening on Friday getting at $135 by 6.44% which later ended up to $143 as the highest point of the day. As the price continued to break out from the horizontal resistance level, it also had trouble keeping up with the upward momentum and finally the sellers took control on Sunday which led the price retracing back to the Friday open levels.

As reported in some of the best cryptocurrency news sites for price analysis, the Litecoin price is re-testing a minor horizontal support level at around $135 and could find some support there. There was a five-wave impulse a few days back on the upside which ended on June 12^th after which the descending triangle formed. As the structure following hasn’t really shown any signs of impulsiveness, this could mean that there is a second correctional structure forming in the higher degree-third wave correction.

The bearish momentum which was seen yesterday could be the starting of the third wave to the downside which will likely push the litecoin price below the first ending point. This could also mean that the price is headed below the $126 point where the descending triangle could be at least around the levels for a retest support which could occur if the five-wave impulse hasn’t ended yet.