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  • Litecoin has fallen just over 3% as general cryptocurrency sentiment falls.
  • There has been a technical formation break on the hourly chart to the downside.

 

On the hourly chart below you can see that the triangle formation has been breached to the downside following some price weakness.

Although the price did fall, it seems that the support level of 53.86 managed to stem the losses and provide some relief.  

This break does mean price has made a lower high and lower low wave indicating price may fall further.

The relative strength index (RSI) is also showing signs of weakness as it trades below the 50 line and looks to be heading to the oversold zone.

On the larger timeframes, the charts are very bearish and it seems like this could be a resumption in the underlying trend.

Litecoin analysis