LTC and EOS - Impulse to the downside seen

FXOpen

LTC/USD

The price of Litecoin has been decreasing since yesterday’s high at $44 and made a downfall of 7.21% coming to $40.81 at its lowest point today slightly above which it is currently being traded.

LTC and EOS - Impulse to the downside seenOn the hourly chart, you can see that the price has fallen below the significant horizontal level at $41.7 and entered the territory of the 1st wave from the previous five-wave impulse count. That five-wave impulse to the upside ended on the 9th of July after which we have seen another five-wave move to the downside which indicates that that previous structure has ended as an ABC to the upside and that the next one of a higher degree to the downside has started.

As we have most likely seen the completion of the first sub-wave of the next descending structure or the price action is getting close to its completion I would now expect to see a corrective move to the upside of the same degree before the price continues for another five-wave move in a downward trajectory. This next anticipated move to the downside should be either the C wave from the next three-wave move or the 3rd wave out of the higher degree impulse wave but in ether way the price of Litecoin is likely headed down in the upcoming period.

EOS/USD

From last Thursday when the price of EOS has been sitting on its highest point at $2.73 we have seen a decrease of 11% measured to its lowest point today made at $2.432. At the moment the price is being traded slightly higher but has made a steep downfall from the yesterdays high and is still in a downward trajectory.

LTC and EOS - Impulse to the downside seenLooking at the hourly chart, you can see that like in the case of Litecoin we have seen the completion of the five-wave move to the upside followed by the development of the five-wave move to the downside. This indicates that the previous structure with the ascending triangle from the 28th of Jun was another ABC to the upside which is why after it ended another round of impulsive downside movement has been seen.

It is likely that the decrease is to continue for a bit longer most likely to retest the area around the A wave’s ending point around $2.4 level before some recovery could be seen, but after it ends I would expecting further downtrend continuation for the price of EOS.

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

DOGE Price Increases by 170% in Less Than 2 Months 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

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

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.