Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LTC was yet to reverse the losses seen early in the week.
- More long positions wrecked as of press time.
Litecoin [LTC] still faces a key roadblock at $103.5 with only two months to its halving event in August. If 2019’s halving event and price action were to be repeated, LTC could expect a massive rally.
Read Litecoin’s [LTC] Price Prediction 2023-24
But history doesn’t always dictate the future. Although the halving could prop up LTC’s value, it must clear the Q1/Q2 price ceiling of $104 to inflict more gains. But a weak Bitcoin [BTC] could hurt such an LTC prospect in the short term.
LTC’s uptrend blocked a key bearish zone
A recovery attempt after a sharp fall from $95 was thwarted near $89. Price has been reacting to $89 for a while now, swinging between support and resistance. However, the level aligned with an FVG (fair value gap) zone of $88.7 – $92.4 (white).
This could make the area a solid bearish zone. A recent recovery attempt was stalled in the FVG zone, pushing the price below $89 at press time. As such, sellers could camp at this bearish area and attempt to seek gains at $84 or the demand zone below $77.5.
Above the bearish area lays a bearish order block and supply zone stretching from $95 to $
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Author: Suzuki Shillsalot
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