LTC and EOS - Symmetrical triangle's formed with a breakout soon expected

FXOpen

LTC/USD

From last Thursday when the price of Litecoin was sitting at $48 level we have seen a decrease of 6.43% at first to $44.91 but it started moving to the upside since and continued developing it’s price action in a sideways manner. Currently, the price is being traded at $46.28 and is starting to move to the downside.

LTC and EOS - Symmetrical triangle's formed with a breakout soon expectedOn the hourly chart, you can see that from last Thursday we have seen the formation of the symmetrical triangle when the price was established its outline levels. Today as the resistance level has been tested and the price found resistance there yet again we could be seeing the start of the breakout momentum to the downside. The wave structure implies that we have seen an ABC correction to the upside of a Submicro degree as the second sub-wave of the higher degree ABC count so we could be seeing further sideways movement on the higher time frame as the projected decrease is to be the B wave of the mentioned higher degrees ABC.

The expected decrease would be set to retest the vicinity of the $44 horizontal level after which I would be expecting another upside move to the mid-range of the symmetrical triangle at around $47 area. But as the Minute count Z wave likely ended on an even higher scale after the completion of this sideways movement I would be looking for the start of the sustainable downtrend.

EOS/USD

The price of EOS has been also forming a triangle as from last Friday we have seen the establishment of its upper resistance level when the price came up to $2.86 level for a retest where it found resistance and started decreasing to $2.689 at its lowest. It is currently being traded slightly above the weekly low but managing to maintain above the horizontal support at $2.7.

LTC and EOS - Symmetrical triangle's formed with a breakout soon expectedLooking at the hourly chart we can see that the price retested the ascending support trendline from the 11th of May and found support there which is why like in the case of Litecoin a symmetrical triangle has been formed. As a breakout is getting closer to start it’s direction is still unclear but if we have seen the completion of the upward ABC it is likely headed to the downside, especially considering the spiky downward impulse we have seen on the 2nd of June when the price decrease from $2.89 to $2.59 which was a decrease of 10.57%.

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.