LTC AND EOS – IS THE INCREASE ENDING?LTC/USDSince the start of the week, the price of Litecoin has been increasing and has come up from $55.84 at it’s lowest point to $62.86 at it’s highest which is an increase of 12.57%. The price is currently being traded around the levels of today’s high but is starting to show the signs of struggle to keep up the upward momentum.
On the hourly chart, you can see that the price today came up to the vicinity of the prior high and has tested the 0 Fibonacci level, finding resistance there on the quick spike to the upside. This indicates that the horizontal level serves as a strong resistance and is likely to continue doing so. After a decrease of 18.8% made last week, ending at the 0.786 Fib level, which is considered the 4th wave out of the five-wave impulse we have seen an increase of 23.13% which could be the 5th wave. As the price came up to the prior high this 5th wave could be completed or it could continue for another attempt and eventually wick above it, but is likely to end soon.
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