News & Analysis / Analysis / LTC/USD and EOS/USD in a corrective decrease

LTC/USD and EOS/USD in a corrective decrease

FXOpen

LTC/USD

From last Thursday when the price of Litecoin was sitting around $62.44 until April 2nd, the price was decreasing steadily as it has depreciated by 2.23%, coming to $61. As the price started increasing since Tuesday’s low, strong momentum was shown making the price to increase by 62.68% measured to the highest point the price has been yesterday at $99.231.

LTC/USD and EOS/USD in a corrective decrease

Looking at the hourly chart, we can see that the price of Litecoin increased parabolically and has come up in a five-wave manner, which in combination with the amount of the increase indicates clear impulsiveness. Now that the price ended its impulsive increase we have seen a corrective decrease of over 18% if we measure to the lowest point the price has been today at $78.155, but the hourly candle closed above the $84.7 leaving a large wick on the hourly chart.

As the buyers have caught the price again they have started another minor uptrend, but since the decrease was made below the starting point of the last, 5th wave out of the prior impulse to the upside I think that we are seeing a three wave correction after the initial decrease made. So I would be expecting another decrease with a similar momentum.

This would be correctional movement either before another impulsive wave starts or the start of a higher degree consolidation that is going to mark the end of the current bullish momentum.

EOS/USD

From last week, when the price of EOS was sitting at $3.627 at its lowest on Monday, measured to the highest point the price has reached yesterday which is the highest point of the week, so far we have seen an increase of 65.12% as the price came up to $5.9894.

LTC/USD and EOS/USD in a corrective decrease

On the hourly chart, we can see that the price increased above the 0.618 Fibonacci level which served as a significant resistance point then and continued moving higher above the 1 Fibonacci level but only on a quick spike. As the price encountered resistance entering the seller’s territory a downfall occurred of around 13.92% measured to the hourly candle close, but the price spiked further down to the 0.786 Fibonacci level, resetting if for support.

As the price increased in a five-wave manner with the 5th wave extension, now we are seeing the start of the corrective stage like we have seen after the 25th of February when the previous increase was made in a five-wave manner. This could be consolidation after the price increased exponentially before further upside movement, but I think we are most likely seeing the start of a higher degree movement to the downside as the upswing ended.

In the coming period, I would be expecting to see sideways movement, corrective in nature after which the development of downtrend would start.

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.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.10305
1.10306
Trade
GBPUSD
1.29133
1.29135
Trade
AUDUSD
0.60138
0.60139
Trade
USDJPY
145.372
145.377
Trade
USDCAD
1.42351
1.42356
Trade
More
Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Commodities

Market Analysis: Gold and WTI Crude Oil Crash As Trade War Escalates

Gold price started a fresh decline below $3,050. WTI Crude oil is down over 10% and remains at risk of more losses.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price climbed higher toward the

Cryptocurrencies

BTC/USD Analysis: Bitcoin Price at a Critical Support Level

In our 28 January report, "Bitcoin Price Holds Above $100k. For Now?", we highlighted the heightened volatility surrounding Trump’s inauguration. We speculated that major market players might have capitalized on this surge to lock in profits from long positions,

Analytical NVIDIA Stock Forecasts for the Rest of 2024, 2025 – 2030, and Beyond
Trader’s Tools

Analytical NVIDIA Stock Price Predictions for 2025-2030 and Beyond

NVIDIA has become a dominant force in technology, driving innovation in AI, data centres, and next-generation computing. Its stock has seen substantial growth, becoming a key player for investors to watch closely.

This article breaks down NVIDIA’s stock forecasts