LTC and EOS - Further Sideways Movement Expected



The price of Litecoin has been moving sideways since a breakout to the downside was made from the ascending channel last week’s Thursday when it reached $48.5 at its highest peak. A decrease of 8.63% was made measured to the close of the hourly candle but the price moved even further to the downside coming to $43.2 at its lowest. Since last Friday’s low a recovery has been seen with the price coming close to it’s Thursday’s high but a quick spike to the upside ended with an equally strong impulsive move that led the price below its previous upside starting point and retested the $45.3 horizontal level.


Looking at the hourly chart, you can see that from the retest of the horizontal zone another minor recovery has been seen but the price struggled to surpass its minor horizontal resistance at $46.8 and was rejected there once more. A higher low has been made today which could be interpreted as a bullish sign but we are yet to see if the price could catch enough momentum for a breakout to the upside and in a more sustainable uptrend.

As the sideways movement continues the price is likely to further test its currently support-resistance boundaries but it is still unclear whether or not it is going to stay above the $45.3 horizontal support zone as it was broken last Friday which is why the recovery seen from there could be corrective in nature.


The price of EOS has spiked to $2.977 level on Tuesday from the $2.49 area where it found support, but since then made a decrease of 16.35% measured from its highest to its lowest spike which was made today around the levels of the Tuesday’s increase. From there the price has started recovering and is currently in an upward trajectory sitting at $2.5782.


As a breakout was made below the minor horizontal support level at $2.63 we have seen another downfall to the next significant horizontall level where the price found support and closed on the hourly candle. A higher low was made compared to the Tuesday’s one which could indicate that the buyers are willing to chase the price and their presence has been also seen on Tuesday, but the sellers are still looking like they are maintaining control.

Now as the price is in an upward trajectory an interaction with the $2.63 level is expected out of which we are going to see if there is more upside potential for the price of EOS which is why this level now serves as a pivot point.

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

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 BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P500, US Dollar, Gold Price, PEP Stocks

Get he latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Read the latest news


The Price of Silver Has Reached Its Highest Level in Over Three Years

As indicated by the XAG/USD chart today, the intraday price of silver reached $29.84 per ounce yesterday, while the previous yearly high on 12 April was $29.79. The last time this price was seen was in February

What Is the Wolfe Wave, and How Can You Trade It?
Trader’s Tools

What Is the Wolfe Wave, and How Can You Trade It?

The Wolfe Waves is a powerful chart pattern recognised for analysing potential price reversals. Named after Bill Wolfe, who developed this formation through extensive trading practice, Wolfe Waves provide traders with a structured approach to anticipate market movements. In this

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.