The decline was substantial as there was a break below a crucial support at $204. The decline was such that the price even failed to hold the $200 support. As a result, the price is now trading well below the $210 level and the 100 hourly simple moving average.
The recent low formed was $191.82 before the price started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $209.88 high to $191.82 low.
However, it won’t be easy for buyers to push LTC price higher since there are many hurdles on the upside such as $200 and $204. There is also a major bearish trend line forming with resistance at $198 on the hourly chart of the LTC/USD pair.
Moreover, the 50% Fib retracement level of the last decline from the $209.88 high to $191.82 low is around the $200 level. Therefore, the $198-200 zone may act as a major barrier for an upside move in the near term.
On the downside, the recent low of $191 is a short-term support. Should there be a break below $191 and $190, the next stop for sellers could be $180.
To sum up, the current price action is bearish on litecoin, and the price may decline further below $190.