LTC and EOS - Decrease seen but for how long?



From the start of the week, the price of Litecoin has been in a decline, coming from its Monday’s high at $197.68 to $170.92 at its lowest point today, which was a decrease of 13.53% It is now stabilizing around $173 after a steep downfall made from yesterday when the price decreased by 12.7% as the price recovered close to the levels of Monday’s high before moving to the downside again.


Looking at the hourly chart, you can see that the bearish count has been validated in which from the start of March we have seen an ABC correction to the upside. In that case, the descending move from the 13th of March is the 3rd wave from the higher degree correction and is now forming as a five-wave move. It appears that could end very soon around the 0.618 Fibonacci level at tje $167 area, but there would be a possibility that the descending might continue to the 0.786 one.

This is because by projecting the length of the first wave from the higher degree correction when the price of Litecoin was $245 and went to $155, we come up with a price target of $143.


The price of EOS has decreased by almost 20% today, coming from yesterday’s high at $4.3 to $3.44 at its lowest wick today. Currently, it is being traded at $3.64 and is making an attempt to stabilize above the 0.786 Fibonacci level.


On the hourly chart, we can see that the price fell below the significant horizontal level at $3.9378, above which there was still a possibility of uptrend continuation. However, as it fell and made a breakout below and the ascending support from the channel in which it was since the start of the month, a bearish count in which we are seeing the development of the 5th wave was validated.

Now as the price is in the development of its 5th wave further lows would be expected below the one made on the 28th of February when the price was $3.28. Because this low was the completion of the 3rd wave from the higher degree count the price would be expected to move below it for the completion of the 5th wave but could also come close to its vicinity on completion. In either way, the price would be expected to visit the area around $3.1

It would then be tricky to say what comes next, because if this was an impulsive move to the downside and not a corrective one, a more sustainable downtrend can be seen.


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

The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022 Bitcoin Price Bullish after Halving-2024 ADA Drops to Last Place in the Top 10 Cryptocurrencies

Latest articles


When the Chips Are Up! NVIDIA's Stratospheric Market Cap

NVIDIA is a veritable Goliath among the highly competitive realms of Silicon Valley's technological mainstays.

Its market capitalisation is now so vast that it is larger than Meta (Facebook), Tesla, Netflix, AMD, Intel, and IBM combined.

That is a remarkable


WTI Crude Oil Price Shows Bullish Trend Ahead of OPEC Meeting

As the chart indicates, on Monday, the price of WTI crude oil rose by approximately 1%.

Reuters reports that the bullish sentiment is driven by:
→ the upcoming OPEC+ meeting scheduled for 2 June;
→ expectations of high fuel demand with the


Can Last Week's Gold Price Rally Be Replicated?

Gold holds a particularly exceptional status among precious metals. Whilst it does have some use in the manufacturing of consumer durables and electronic products ranging from alloy compounds in wedding rings to terminals for connecting electrical cables in audio equipment,

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.