Litecoin might resume the downtrend after a minor bounce, here’s why
There was an FVG on the H4 chart that extended from $65.97 to $72.79 that Litecoin left behind during its rapid descent on 17 August. Therefore, a bounce to $72 was possible to fill this gap.
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Litecoin noted a firm bearish market structure and momentum on the 4-hour chart.
The higher timeframe support zones were convincingly breached, paving the way for further losses.
Litecoin [LTC] saw its halving occur on 2 August. The hash rate has climbed since then, and the mining difficulty increased as the mining reward decreased. But this trend could begin to unwind soon.
Read Litecoin’s [LTC] Price Prediction 2023-24
On the price chart, the trend has been bearish in recent weeks. The asset has lost significant levels of support stretching back to July, and the downtrend has not abated in August. While a continuation was likely, a bounce toward $70 was also possible.
The H4 fair value gap on the Litecoin chart could attract prices higher
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