LTC and EOS - Further downside more likely



The price of Litecoin has been in a decline from Saturday’s high when it came up to  $247. From there we have seen a downfall of 35.8% measured to its lowest point of the week made on Tuesday at $158.56. We have seen a minor recovery as the price made a rise to the $190 area but has since pulled back again and is currently sitting just below $180.


Looking at the hourly chart, you can see that the price of Litecoin has fallen back to the 0.236 Fib level which was the horizontal resistance point of the prior high made on the 10th of January. It dipped below it which could serve as an early indication that the previous uptrend ended, but it managed to go back above it and is currently testing it for support. If the support gets validated at these levels we could see further uptrend continuation of the impulse wave that started on the 27th of January.

However, if the price continues moving to the downside again and makes it into the lower range it would be a stronger indication that the price of Litecoin has ended its previous impulsive move and is now headed towards a correction of the higher degree out of which the downfall from last Saturday was only its 1st sub-wave.


From Tuesday’s low at $3.18 the price of EOS has recovered by 29% as it came up to $4,107 at its highest point but started decreasing again and is currently sitting at around $3.935 moving sideways.


On the hourly chart, we can see that the price of EOS is testing the 1 Fib level for resistance at the moment and is being traded on its lower side. This could be the continuation of the downward five-wave impulse from the 20th of February when it started its 3rd wave to the downside after the prior increase ended. If this is the C wave from the higher degree ABC then it should be sub-divided into a five-wave impulse.

As the price could have ended its 4th wave out of the mentioned five-wave impusle, now the 5th one would be expected to develop, potentially pushing the price back to the 0.382 Fib level at around $2.7. The price should then proceed to establish support and continue moving to the upside again as the uptrend of the higher degree would continue but it could also be set for a corrective recovery before further downside continuation which we will see after the interaction with the expected support zone at around $2.7.

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.