LTC and EOS - More upside expected

FXOpen

LTC/USD

The price of Litecoin has increased by 10.56% from its lowest point on Monday at $41.46 measured to its highest point made today which was at $45.847 but the price only spiked to those levels and has pulled back immediately to $44.7. Since then another upside move has been made with the price currently being traded at $45.257 and is in an upward trajectory.

LTC and EOS - More upside expected

On the hourly chart, you can see that the price of Litecoin has been increasing parabolically and impulsively after an interaction with the $41.714 horizontal support level which was retested on Monday and on the 16th of July. As the price was attempted to be pushed below the level the bulls took control and the buying pressure was activated which is why we have seen it causing another round of buying.

However, the price has come to the levels of the prior high of a higher degree from which the previous impulsive downside move has been made and wasn’t able to surpass it. This might change in the upcoming period as by looking at the wave structure it appears that the price is headed further to the upside for a bit more for the development of the 5th wave. As the price is currently in an upward trajectory we could be seeing the start of the 5th wave, but more likely this is still the part of the corrective 4th wave move that is going to last for a bit more in order for consolidation to occur before another impulsive move.

EOS/USD

The price of EOS has made its significant low on Sunday at around $2.48 level and from there started increasing impulsively to the upside with strong bullish momentum and reached $2.68 at its highest point which was an increase of 8.27%. Looking at the hourly chart below, we can see that the price is currently retesting the 0.786 Fibonacci level as it went slightly below it but is now looking for signs of support.

LTC and EOS - More upside expected

Like in the case of Litecoin we have seen the development of the 3rd wave of a lower degree count which is why more upside would be expected from here but the current price action is likely first going to develop the 4th one as we have seen a retracement back below the significant Fib level. If this is true another minor move to the downside would be expected from here which is likely to test the $2.64 horizontal resistance level but after it ends a move to the 1 Fib level is likely to be seen which would bring the price back up to $2.7319

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

Commodities

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,

Forex Analysis

USD/JPY Analysis: The Market is Indecisive Near Its Peak Since May 1

As the USD/JPY chart shows today:

→ The price is in an upward trend (indicated by the blue channel) that has been relevant since the beginning of 2024.

→ On Thursday, May 23, the exchange rate nearly reached 157.2 yen

Analytical NVIDIA Stock Forecast for 2024, 2025 – 2030, and Beyond
Trader’s Tools

Analytical NVIDIA Stock Forecast for 2024, 2025 – 2030, and Beyond

NVIDIA's stock has seen remarkable growth, driven by advancements in AI, data centres, and emerging technologies. This article provides a comprehensive analysis of NVIDIA’s stock outlook for 2024, 2025, and the next decade. Join us as we explore detailed

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.