LTC and EOS - Parabolic increase could end shortly
LTC/USD
From last Thursday when the price of Litecoin was sitting at $41 we have seen an increase of 23.42% measured to its highest point today at $50.63. The price is being traded slightly lower and is still in an upward trajectory.
If this is the ending, 5th wave out of the impulse to the upside the price could continue increasing for a bit longer to the $52.4 horizontal level but shortly after a descending move should start. This descending move is likely to be an ABC Zigzag correction but it is still unclear whether or not it could be a sub-wave from the higher degree impulse out of which this one would be its 3rd wave. In either way considering the way price increased it’s unsustainability would prove it’s weakness on the way down which is why the start of the descending movement will be marked by a significant decline.
Most likely we are to see another increase as a spike to the upside with even stronger momentum but eventually, the equal amount of decrease as the price enters the seller’s territory and activates the seller’s pressure.
EOS/USD
The price of EOS has increased by 20.3% from last Thursday when it was sitting at $2.58 as it came up to $3.1 at it’s highest point today. Currently, it is being traded slightly lower but has maintained above the $3 mark.
More likely we are to see a more significant pullback, potentially to around $2.9 area or even a retest of the broken resistance, before the uptrend continues.