LTC and EOS - Consolidation now expected but further decline still a possibility

FXOpen

LTC/USD

The price of Litecoin has been on a decline from yesterday’s high of $391 made a decrease of 21.8% as it fell to $306.35 at its lowest point today. It spiked further down buy managed to snap back quickly and is currently being traded at $313.69.

LTC and EOS

Looking at the hourly chart, you can see that this downfall was the continuation of the descending move from Monday when the price reached $411 at its highest. This was most likely the end of the higher degree 3rd wave from the impulse wave that started at the start of the year. If so, we are now seeing the 4th wave of the same degree developing to the downside.  Measured from its last increase from the 26th of April the price fell down to the 0.5 Fib level and found support there. But this only might be a temporary hold before further downside continuation.

We could have seen the completion of the ABC correction in which case now we are to see the start of the next 5th wave to the upside, but there isn’t still any signs of the buyers entering the market. If we are to see the start of the next impulsive move strong confirmation would be needed.

EOS/USD

The price of EOS has fallen by 32.5% from its yesterday’s high of $14.72 as it reached $9.96 at its lowest point today. It is now sitting slightly above the $10 mark as it appeared to have stablizided and is showing some first bullish signs.

LTC and EOS

We have seen the completion of the five-wave move to the upside yesterday, that start on the 26th of April. This is why now the price has started a descending move as a corrective one, but if this was the start of the higher degree correction it might continue pushing the price significantly lower in the upcoming period. Now in the short-term, we are most likely going to see a consolidation range that could lead to a minor recovery but not above the $12 before the next move to the downside starts.

If however the price manages to move above the $12 area and falls back on a higher low on the next move it could be an early indication that the decline ended and that we are seeing the start o the next impulsive move to the upside.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice. Cryptocurrency CFDs are not available to trade in all jurisdictions.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Shares

How Earnings Reporting Could Impact Netflix (NFLX) Share Price

Earnings season is gaining momentum. Today, after the close of the main trading session, Netflix (NFLX) is set to release its quarterly financial results.

Analysts are optimistic, forecasting earnings per share (EPS) of $7.08, up from $4.88 a

Commodities

XAU/USD Chart Analysis: Volatility at a Yearly Low

The daily chart of XAU/USD shows that the Average Directional Index (ADX) has reached its lowest level since the beginning of 2025, indicating a significant decline in gold price volatility.

Yesterday’s release of the US Producer Price Index

Forex Analysis

Pause in Dollar Rally: Weak Data and Powell Dismissal Rumours

Amid rising market volatility, the US dollar is losing ground: USD/JPY is correcting after a recent bullish impulse, while USD/CAD is retreating from the upper boundary of its medium-term sideways range. This corrective movement was triggered by disappointing

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.