Clearly, the recent return of the sellers in the crypto space has been relatively indiscriminate, banging its way through the complex, hunting down key support levels and slicing through them like a hot knife through butter.
As we take a look at EOS and Litecoin price in this examination, the goal will be to discern opportunity from the trap, and to point out the key levels to watch should this corrective slide deepen, but ultimately represent a new opportunity over the near term.
EOS
Price Analysis
- High: $7.3689
- Low: $7.0499
- Major Resistance Level: $8.50
- Hourly MACD: Rising
EOS has been one of the sharpest decliners over the past 48 hours as weakness has re-emerged across the crypto space.
However, one must remember that, in the larger picture of this asset class-wide bear market, EOS has actually been a bastion of relative strength, still even now trading above the levels we saw for most of December of last year – and was one of the few coins to make a new all-time high in April and May of this year.
That said, recent weakness now threatens to break through the longer term bullish trend line that connects the lows from last year and March of this year. In addition, as noted above, the last couple of days have been brutal for EOS HODLers.
The key level to watch for last-ditch support is between $6.60 and $6.88.
Litecoin (LTC)
Price Analysis
- High: $79.1
- Low: $76.328
- Major Resistance Level: $90
- Hourly MACD: Rising Off Lows
Litecoin (LTC) is threatening to turn a potentially bullish pattern into a bearish pattern. The important point from here is the slope that connects the lows from late June with those of mid-July.
According to our calculation, that has already been broken on a minor level, which should bring into play a retest of the lows around the $72.50 level if Litecoin (LTC) is unable to find a supportive bid coming into place in a sturdy manner at the $75 level.
However, looking at a larger time frame, this whole region from $60 to $75 may still turn out to be an important long-term accumulation zone as it represents the round-trip support point for a coin that in many respects still holds the characteristics that we appreciate in a “phase three coin”.
Happy Trading~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Charts courtesy of tradingview.com
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