LTC/USD increasing, another lower low of EOS/USD expected



From last Thursday when the price of Litecoin was $58.8 at its highest point we have seen an increase at first as the price continued moving higher slightly past the horizontal support zone which now serves as resistance. The price came up to around $60 but since it entered the seller’s territory it got pushed back below the upper resistance line at $57.558 and came down to $53.814 at its lowest point on Tuesday.

LTC/USD increasing, another lower low of EOS/USD expected

From there the price started increasing again and came up to the upper resistance line again were it got rejected on a lower high and since the 5-wave impulse has ended we are most likely seeing the start of a move to the downside. This movement would be either a correction or the start of the trend continuation as the Intermediate Y wave ended from a WXY correction. If the correction gets prolonged by two more waves then this move to the downside would be the second wave X after which another move to the upside would be expected as the final wave Z should develop but if this is the start of the trend continuation then we are to see further lower lows for the price of Litecoin.


From last Thursday the price of EOS was $3.9564 at its highest point the price has been in a minor downtrend and came down to around $3.5 at its lowest point of the week on Tuesday which was a decrease of 11.6%. On Tuesday we have seen an increase of 6.63% as the price came up to $3.7414 at its highest point but again started trending to the downside moving below the 0.5 Fibonacci level again.

LTC/USD increasing, another lower low of EOS/USD expected

The 0.5 Fibonacci level serves as significant support/resistance point as you can see from the hourly chart and now that the price came below it we could see the interaction with the support at around $3.2787 where the first correction ended after the initial drop of over 18% we have seen on 25th of February. After this corrective move to the downside which I have labeled as a Minute WXY we are most likely seeing the second correction in the upside direction which is why after this minor downtrend ends I would be expecting another increase like we saw started on last Monday when the price increased in a five-wave manner to the upside.

This increase would have to wait for the current downtrend to end which is why from here I would be expecting another lower low at first and potentially an interaction with the lower support line at $3.2787 so depending on the depth of the expected decrease we are to see where the increase could end. The most optimal price target for the expected increase would be around the 0.618 Fibonacci level at around $4.162 but when it ends I would be expecting more downside for the price of EOS.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — 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

Bitcoin Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles


Top 5 Stocks to Watch in October: Bank on the Backfoot, No Thirst for Coca-Cola, Tech Giant Takes Dip and Electric Vehicle Volatility

October is here, and as the markets enter a new month, we take a closer look at five stocks that could be of significant interest to investors. 1) Bank of AmericaBank of America stock has taken a dive over the

Forex Analysis

Market Analysis: The American Currency Resumes Growth

The beginning of October turned out to be favourable for continued growth in the US dollar. From the data published yesterday, it follows that in September, the US manufacturing business activity index (PMI) rose to 49.0 against the forecast

Forex Analysis

EUR/USD Analysis: The Rate Updates Its Multi-month Low

Never in its history has the euro fallen for 11 weeks in a row against the dollar, but it happened. The minimum has been set for 2023. The reason seems to be that in an environment where central banks are

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.