LTC and EOS moving sideways but for how long?



From Monday’s open at $54.64 the price of Litecoin has increased by 5.34% at its highest point of the week made on Tuesday when the price retested the $57.558 level which was broken on the way down. Currently, the price is being traded slightly lower at around $55.72 as it was mostly been moving sideways since the start of the week.

LTC and EOS moving sideways but for how long?Looking at the hourly chart, you can see that the price of Litecoin most likely ended its five-wave move to the downside on the $52.427 horizontal level which is a major pivot level and was considered as the median line of the support zone with the $57.558 being its upper level. As the price came down inside this support range we are seeing the price retesting the levels before the next decisive move.

The next move that is likely to play out could be the start of a recovery as the price fell down to the significant horizontal level and found support there but since the bearish momentum was strong this could be interpreted as consolidation before the further downfall. If the price manages to increase above the $57.55 level and stays above it, the likelihood of the recovery commencing would increase but if the price gets rejected at the current retest and starts moving below the $52.42 level the possibility of the downtrend continuation would look more likely.


The price of EOS has increased from Monday’s low at $2.7336 to $3.1335 on the next day which was an increase of 14.73% but from there decreased again and is currently being traded at $2.9584.

LTC and EOS moving sideways but for how long?On the hourly chart, you can see that the price fell steeply with strong bearish momentum prior to the formation of this ascending triangle and spiked to $2.4 at its lowest point but since then managed to recover above the significant horizontal level at $2.86 which serves as support. This recovery might continue to the upper horizontal level at $3.2787 as a retest of resistance as the level was pierced on the way down.

The price is currently retesting the $2.86 level for support as well as the ascending support level from the still unconfirmed triangle which is why if the price finds support there we are to see further increase. But if the price falls below the $2.86 level it would mean that a minor breakout has been made with the price likely continuing its downside trajectory. If we have seen the completion of the WXY to the upside from the 16th of July till the 17th of September the downside move that played out could be the first wave out of the next downtrend move with the ascending triangle being its second which means that a third would start developing soon to the downside.

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 Losing Correlation with Stock Market Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic? 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

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P 500 Index, US Dollar, FTSE 100 Index, Gold Price

Get the 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.

  • S&P 500

European Stock Indices Decline Amid Political Uncertainty

Today, the Eurostoxx 50 index (Europe 50 on FXOpen) has dropped below the early May minimum, reflecting escalating market concerns over the upcoming French elections, as reported by Reuters. Finance Minister Bruno Le Maire's acknowledgment that the current political crisis

Forex Analysis

NZD/USD Exchange Rate Falls from Nearly 5-Month High

The NZD/USD exchange rate has dropped from its highest level in nearly five months. On Wednesday, following the release of US inflation data, the NZD/USD rate exceeded 0.6220 for the first time since 15 January 2024.


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.