LTC and EOS - Corrective movement seen



The price of Litecoin has been on the rise from the 20th of July when it fell to $104 at its lowest point. From there we have seen an increase of 35.9% measured to its highest point today at $141.83. This last rise was made after a sharp impulsive decline in a slowly moving manner and even though it is still moving to the downside it barely made it past Monday’s high.  LTC and EOSThese two signs – slowly moving price after a sharp decline and failure to make a significantly higher high are considered signs of weakness which is why soon a move to the downside would be expected. From the 20th of July have likely seen the completion of the five-wave impulse to Monday’s high. If this is true, then from Monday we have seen the start of the descending move with the rise from Tuesday being its 2nd sub-wave.

This can be a minor three-wave flat correction with the price continuing its upward trajectory after as it made a slightly higher high compared to Monday’s one.  Another possibility could be that this descending move is going to be larger but there aren’t still signs on how it can play out.

Considering the fact that this move is counted as corrective this structure can be labeled as the A wave from the higher degree ABC coun.


EOS was also on the rise from the 20th of July when it was trading at $3.16 until Monday when it reached $4.01 making an increase of 26.87%. Unlike Litecoin who made a slightly higher high today to that on Monday, the price of EOS made the same high on the next rise yesterday.

LTC and EOSCurrently, the price is being traded at $3.811 as it fell slightly to the downside which is yet another distinction with the price chart of Litecoin, but the biggest is the difference in the structure from the 22nd of July. Namely the on the EOS chart we have seen the formation of an ascending channel while most cryptos formed a clear ascending wave. This can further validate the assumption that this whole move from the 20th is a corrective one.

If we have seen the completion of the 1st wave most likely an A wave now the prices are undergoing a B wave correction. In the case of EOS this looks like a running flat correction but it is still unclear whether or not it ended.


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.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

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.

Latest from Cryptocurrencies

ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving BTC/USD Analysis: Bearish Arguments Become More Convincing DOGE Price Increases by 170% in Less Than 2 Months Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains

Latest articles


Since the Start of the Week, Brent Oil Price Has Dropped over 4%

At the beginning of the week, March 15, we wrote that the price of Brent oil could form a correction from the resistance level of USD 91 per barrel. Since then, the price has decreased by more than 4% due

Fair Value Gaps vs Liquidity Voids in Trading
Trader’s Tools

Fair Value Gaps vs Liquidity Voids in Trading

Understanding fair value gaps and liquidity voids is essential for traders seeking to navigate the complexities of the financial markets. These concepts, deeply rooted in the Smart Money Concept (SMC), provide valuable insights into the dynamics of supply and demand,


UK100 Share Index Rises as UK Inflation Slows

Yesterday, the UK Office for National Statistics (ONS) reported that the CPI stood at 3.2% in March. According to ForexFactory, analysts expected 3.1%, and a month ago the index was 3.4%.

Grant Fitzner, chief economist at the

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.