Litecoin Price (LTC) Technicals Weak, Bitcoin Dragging Market Lower

Litecoin declined heavily after it failed to climb above $46.50 and $48.00 against the US Dollar.
The price seems to be sliding towards the $42.20 and $40.40 support levels.
There is a key declining channel forming with resistance near $45.50 on the hourly chart of the LTC/USD pair (data feed from Kraken).
Bitcoin price is down around 3% and it is struggling to stay above the $7,040 and $7,000 support levels.Litecoin price is following a nasty downtrend below the $46.50 resistance against the U