Last Updated on May 27, 2021
The price of Litecoin has been on the rise since the 23rd when it fell down to $128.32 at its lowest point. From there we have seen an increase of 58% measured to its highest point yesterday at around $203. Since then a minor pullback was made but the price is once again in an upward trajectory and is currently being traded at $196.3.
On the hourly chart, you can see that from the 23rd of May we have seen an impulsive five-wave move after which the price started consolidating. It did so in a three-wave manner which is most likely the 2nd sub-wave of the next higher degree impulse to the upside. We have seen the completion of a 3-3-5 move with a higher low made today compared to the one on the 25th as the first pullback which validated that the support is getting higher and that buyers are stepping in.
If this was a running flat correction that ended now today we have seen the start of the next wave to the upside which is set to exceed the high on the 25th and propel the price much stronger potentially to the territory of the 0.5 Fib level at around $264.65. But if this is the five-wave impulse of the higher degree it should continue moving to the upside beyond that point after another pullback on the 4th wave.
From the 23rd of May when the price of EOS fell down to $3.9, we have seen an increase of 77.62% today measured to its highest point at $6.91. Now the price is struggling to keep up the upward momentum at those levels but is still in an upward trajectory overall.
The hourly chart of EOS offers a different perspective. Unlike in the case of Litecoin, the price didn’t make a running flat correction count but instead proceeded to make a new higher high compared to yesterday’s one. In this case, we could potentially see the completion of the five-wave move to the upside from the pullback on the 25th. It made a rising wedge which is characteristic for the ending diagonal and the C wave.
This can be interpreted as the completion of the ABC correction from the 23rd after which the price is headed down again potentially even lower than on the 23rd.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice. Cryptocurrency CFDs are not available to trade in all jurisdictions.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?