From the start of the week, the price of Litecoin has been in a decline, coming from its Monday’s high at $197.68 to $170.92 at its lowest point today, which was a decrease of 13.53% It is now stabilizing around $173 after a steep downfall made from yesterday when the price decreased by 12.7% as the price recovered close to the levels of Monday’s high before moving to the downside again.
Looking at the hourly chart, you can see that the bearish count has been validated in which from the start of March we have seen an ABC correction to the upside. In that case, the descending move from the 13th of March is the 3rd wave from the higher degree correction and is now forming as a five-wave move. It appears that could end very soon around the 0.618 Fibonacci level at tje $167 area, but there would be a possibility that the descending might continue to the 0.786 one.
This is because by projecting the length of the first wave from the higher degree correction when the price of Litecoin was $245 and went to $155, we come up with a price target of $143.
The price of EOS has decreased by almost 20% today, coming from yesterday’s high at $4.3 to $3.44 at its lowest wick today. Currently, it is being traded at $3.64 and is making an attempt to stabilize above the 0.786 Fibonacci level.
On the hourly chart, we can see that the price fell below the significant horizontal level at $3.9378, above which there was still a possibility of uptrend continuation. However, as it fell and made a breakout below and the ascending support from the channel in which it was since the start of the month, a bearish count in which we are seeing the development of the 5th wave was validated.
Now as the price is in the development of its 5th wave further lows would be expected below the one made on the 28th of February when the price was $3.28. Because this low was the completion of the 3rd wave from the higher degree count the price would be expected to move below it for the completion of the 5th wave but could also come close to its vicinity on completion. In either way, the price would be expected to visit the area around $3.1
It would then be tricky to say what comes next, because if this was an impulsive move to the downside and not a corrective one, a more sustainable downtrend can be seen.
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.