From Monday’s high at $47.53 the price of Litecoin has decreased by 9.73% as it came down to $42.916 at its lowest point today. Today’s low was the second retest of the level on which the price found support on Monday and from where recovery was seen to the $45.26 area. But as resistance was present at those levels another descending move was seen.
The price of Litecoin found support there once again and has been increasing since but is still struggling to keep up the upward momentum and form a higher high. As the price broke out to the downside below the $45.3 area where the upper range found support, a test of the lower significant horizontal level was made but only on a quick spike as the price snapped back above the $43 level on the hourly chart.
This is why another decrease could be seen either as a retest of the $41.7 significant level or a straight pierce through the level on the next descending move. This would be a downtrend continuation from the previous breakout momentum that was made as an interaction with the $49.1 level ended as a rejection and the price going below the support of the symmetrical triangle.
If the price continues moving to the downside from the current level a breakout below $41 area would be expected, but if the price founds support there it could indicate that the descending movement is over.
The price of EOS has been increasing from yesterday and came up by 4.8% from $2.3951 to just slightly below $2.5. This minor bullish momentum has pushed the price back to retest the horizontal level from which it broke out to the downside yesterday. Now we are to see if the price finds resistance there or will it go back above it into the upper range.
If the price of EOS continues moving to the upside and enters the upper range it will likely continue increasing and potentially breakout from the upper since on the descending triangle. But if the price finds resistance at the current levels and continues moving to the downside again another downturn could be expected with the price breaking the descending triangles support.
Considering that the price has been in a corrective descending structure from the 5th of September we are just short of the completion of the corrective move. This is why we could have seen its completion on yesterday’s low but validation is first needed.