LTC and EOS - New highs ahead

LTC/USD

The price of Litecoin has been on the rise since the 26th of April when it was being traded at $214. We have seen an increase of 69.8% measured to its highest point of $364 made yesterday. Currently, it is being traded slightly lower but is now again started moving to the upside again.

On the hourly chart, you can see that the price has made an interaction with the significant ascending trendline which was the upward channel formed from November last year. As the price found resistance a minor pullback was made but the price is now expected to continue increasing further to the upside and make a breakout above the trendline. This means that a higher high would be expected in the vicinity of the $380 which would be the ending wave from the 3r wave of the higher degree count.

If this is true then the retest of the ascending resistance for support would be the 4th wave of the same degree that is going to look out of support before further upside movement potentially to the $440 area. We could see the price going a bit more to the downside if the lower degree 4th wave hasn’t ended fully but this isn’t as likely considering the bullish momentum seen.

EOS/USD

From yesterday’s low at $6.36 the price of EOS has increase by 49.13% and is currently being traded at $9.38 still moving to the upside. We have seen a higher high compared to the one of a higher degree made on the 17th of April.

The price is now likely making a new high wihhc ouwld be the completion of the 3rd wave from the five-wave impulse that has started on the 26th of April. If this is true a pullback would be expected to the $8-8.5 where the prior high was made and is likely going to be tested for support. But ultimately further upside movement would be seen according to this projection as the five-wave impulse is yet to be completed.

Most likely the price now goign to form a consolidative range in a sideways manner after the current local rise ends, after which we can see further upside continuation to around $12.

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.