The price of Litecoin has increased by just over 38% from last Thursday when it was sitting at $58.3 at its lowest point as it came up to slightly above $80 today.
On the hourly chart, you can see that the price has encountered resistance at the intersection between the significant horizontal level at $78.442 and the ascending trendline that dated from the 30th of November. This ascending move is assumed to be the next impulsive wave to the upside out of the higher degree count. It ended its 5th wave from the lower degree one on the 1 Fib level and continued increasing further from there.
Now as it started encountering resistance we might expect a pullback but the price increased with strong bullish momentum in the last 24 hours indicating that buyers are very much still in control. This is why further increase could be seen before the pullback and especially because the 1.618 Fib level has been broken on the way up. Now as the price is is above $78.442 an increase to the next horizontal level at $86.4 could be seen as another interaction with the significant resistance level.
If this is the ending wave from the higher degree count a correction from the same degree would be seen but first, the sellers have to take control of the market which still isn’t in sight.
From last Thursday, the price of EOS has increased by 13%, coming from $2.43 measured to the highest point of the week so far which was made on Tuesday, reaching $2.7569 at its highest point. Since then a decrease has been seen but the price made up for the loss and is currently being traded $2.6748.
On the hourly chart, we can see that the price hasn’t made a higher high like it did in the case of Litecoin with the increase was seen from the start of November being a less significant one. The price reached its horizontal resistance below the 0 Fib level on Tuesday again and made a shart decline afterward. This indicates that sellers are maintaining control on the horizontal level and are pushing the price to the downside.
Now as another ascending move is being made we are yet to see if the price could continue increasing past the level, and since we haven’t seen a significant increase this might change soon. Bullish sentiment is ruling the market and the price of EOS might follow it, as it appears that it’s lagging behind. If the price continues increasing from here and makes a higher high compared to the Tuesday’s one it would be an early indication that we can see a breakout above the 0 Fib level.
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.