LTC and EOS Ė New highs ahead


The price of Litecoin has been on the rise since the 26th of April when it was being traded at $214. We have seen an increase of 69.8% measured to its highest point of $364 made yesterday. Currently, it is being traded slightly lower but is now again started moving to the upside again.

On the hourly chart, you can see that the price has made an interaction with the significant ascending trendline which was the upward channel formed from November last year. As the price found resistance a minor pullback was made but the price is now expected to continue increasing further to the upside and make a breakout above the trendline. This means that a higher high would be expected in the vicinity of the $380 which would be the ending wave from the 3r wave of the higher degree count.

If this is true then the retest of the ascending resistance for support would be the 4th wave of the same degree that is going to look out of support before further upside movement potentially to the $440 area. We could see the price going a bit more to the downside if the lower degree 4th wave hasnít ended fully but this isnít as likely considering the bullish momentum seen.

Read Full on FXOpen Company Blog...