LTC and EOS stuck in a horizontal range

FXOpen

LTC/USD

From last Monday when the price of Litecoin was sitting at $87.72 at its lowest point we have seen an increase of 16.79% as the price came up to $102.45 on this week’s Monday. The price spiked even further to the upside to 107.2 but since it attempted to exceed the prior high and entered the seller’s territory it started decreasing again. Currently, the price is being traded at $90.8 as a retracement occurred.

LTC and EOS stuck in a horizontal rangeLooking at the hourly chart, you can see that the price is stuck in horizontal range and has been moving sideways since the first attempt for recovery has been made. The price came down below the horizontal support zone at $86.4 but then spiked to $104 in one go. This increase has been made in a five-wave manner which is why it could have been the first wave out of the next impulse wave to the upside, but since the price started moving sideways after a minor retracement this isn’t much likely.

More likely we are seeing another corrective range after a complex correction has ended which could either be a consolidation before a proper recovery or before the downfall continues. This is why from the direction of a breakout from the horizontal range we are most likely going to see an indication of the next move’s direction but for now, a breakout to the downside looks more likely.

EOS/USD

Last Monday the price of EOS was $4.133 end even spiked further to the downside reaching $3.87 at its lowest point but since then has recovered to $4.58 on Monday this week. From Monday the price started decreasing again and came down by 10% on the next day but is currently being traded at $4.187 as it’s retesting its horizontal support level.

LTC and EOS stuck in a horizontal rangeOn the hourly chart, you can see that the price is stuck in a horizontal range much like in the case of Litecoin and is moving between the $4.58 and the $4.16. This range has been formed after the price ended its downfall when it came down to $3.6 coming from slightly above $6 which was a decrease of 40.19% which could be interpreted as a consolidative range. The prior downfall was a higher degree correction from the yearly high at $8.63.

As the price decreased in the previous period we might be seeing another attempt of recovery with the horizontal range being the 2nd wave out of the starting five-wave move to the upside, but since it took some time for the price to form the mentioned range it doesn’t look much likely. More likely we are seeing another corrective range after another downfall.

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

Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k Bitcoin Recovers to January 11 Prices When ETFs Were Approved A Major Network Outage in Solana Had Little Impact on the SOL/USD Exchange Rate

Latest articles

Indices

Nvidia's Successes Helps S&P 500 Price Reach Its All-time High

Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months. Reasons for Extremely Bullish Sentiment: → Nvidia's

Forex Analysis

Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily

AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone. Important Takeaways for AUD/USD and NZD/USD Analysis Today· The

Forex Analysis

Commodity Currencies Strengthen after the FOMC Minutes Publication

The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US

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. 65.68% 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.