EOS/USD and LTC/USD struggling to keep up the upward momentum

FXOpen

EOS/USD

From last Monday the price of EOS has been in an upward trajectory and has recovered by around 19%, coming from $6 at the open to $7.211 on Tuesday 18th. Since the price reached its weekly high it started decreasing again and has fallen by 8% on the next day coming to $6.67 but is currently trading slightly above at around $6.774.

EOS/USD and LTC/USD struggling to keep up the upward momentum

On the hourly chart, you can see that the price of EOS attempted to break out to the upside on three occasions but the resistance found at $7.211 was stronger than the upward momentum which is why a rejection those levels brought the price down to the first significant horizontal support level at $6.81 around which the price is currently hovering. As this retest of support is currently in play we could see further downfall especially considering that the price failed to keep up the bullish momentum past the minor resistance point.

If the support is however found at the present levels another increase with a higher high would occur but I wouldn’t expect to see a significant rise as the price is likely in a corrective stage after an impulsive downfall of 29.42% was made till 5th of June.

This would shortly be verified by the current support interaction but at the momentum, it looks more likely that further downfall should be expected below the 0.236 Fibonacci level and on to the first significant support zone from $5.84 to $5.58, but if we have seen an upward correctional movement after an impulsive downfall the next wave to the downside would be even stronger which is why we could see the price going below $5.

LTC/USD

From yesterday’s open at $132.687 the price of Litecoin has increased by 5.19% as it came up to $139.584 at its highest point on today’s open, but since the price came up to those levels a decreased of 3.49% was made with the price currently being traded at $135.44.

EOS/USD and LTC/USD struggling to keep up the upward momentum

The price came up to the significant horizontal resistance point with whom an interaction has been made on Saturday ending as a rejection, causing the price to move to the downside below $134 which is a minor support point. As another attempt for a breakout above the minor resistance level ended as another rejection the price started moving to the downside again but has maintained holding above $134 for now.

Previous to this sideways movement we have seen the completion of the five-wave impulse to the upside after which a descending five-wave triangle has developed. This could indicate that the currently seen sideways movement is the second correctional structure from the starting downtrend with the price being stopped out on two occasions below the prior high. If the price starts decreasing further from here and goes below $134 again further downside could be expected to the first significant horizontal level at around $120 area where the horizontal level is forming a zone with the 0 Fib level. But if the price doesn’t find support there and enters the lower range we could see significant depreciation in value for this cryptocurrency.

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

Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14%

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

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.