This result indicates that the strategy behind the last serious ask wall was not to cause another price spike, but to allow the sale of LTC over many days at that price point, then intentionally not joining the rally that followed, but allowing it to sputter. This is a strategy on the part of the wall defenders, as they have successfully sold a lot of LTC before an upcoming long descent below the support levels gained throughout the past two week's rally.
Such a strategy would also explain the extremely periodic pump and consolidate periods that preceded this moment, as they did a great job of creating an expectation in the market of repeated gains after the last strong ask wall. And of course, nothing is more predictable than whales appearing to be predictable right up until they aren't...
I feel as people begin to realise more and more, that LTC has no reason to live... it will continue to die off (LTC/BTC ratio), stagnating, back down to $9 (china also over).. until the next BTC craze wave when loads of newb money re-flows back into alts people hoping for the poor mans btc to carry them to heaven. . .
Just my theory based on repeating previous cycles.