Recent action has spurred a sharp reversal to the upside in a number of different large market cap coins across the cryptocurrency complex. We forecasted many of these moves with our recent analysis, noting seller exhaustion points as well as key bullish divergences in major oscillators.
At this point, what we have in play here is a chance at something bigger. Now, the game is to look for confirmation and the lack of important red flags.
Today, we’re going to take a close look at EOS and Litecoin (LTC) with all of these points in mind.
EOS (EOS)
Price Analysis:
- High: $7.95
- Low: $7.82
- Major Resistance Level: $10.00
- Hourly MACD: Recent Upside Momentum
Naturally, given the recent action in the cryptocurrency complex, EOS has been feeding off of the momentum, helping to push the coin back up to test its early July range highs around the $9.00 level.
EOS clearly represents a relative strength play compared to most cryptocurrencies so far in 2018. The coin is still well above the levels we saw last fall, and even solidly above the asset-class-wide support pivot logged in mid-March of this year.
For those who managed to catch the lows in recent action, key resistance sits just above at a sharp confluence between the 50-day and 200-day simple moving averages, which recently crossed right around the $10 level, where we also see extra psychological resistance, being a highly visible round number.
For those wishing to gauge risk at this point, one wouldn’t want to see the coin quickly fall back below $7.50.
Litecoin (LTC)
Price Analysis:
- High: $83.06
- Low: $80.94
- Major Resistance Level: $92.00
- Hourly MACD: Recent Upside Momentum
As one might expect, Litecoin (LTC) has vaulted higher in recent days along with the majority of the crypto complex. It should be noted that the move for Litecoin (LTC) comes off double bottom support at the $75 level with the second low representing a very clear bullish divergence on the 14-day RSI.
The action also represents a breach to the upside through the coin’s two-month trendline. While the overall longer-term trend remains technically poised with a bearish bias, the inflection we have just seen has the potential to blossom into something more substantial, potentially bringing into play key resistance at the $110 level.
At this point, the initial obstacles standing in the way of a further advance for Litecoin (LTC) is clearly the 50-day simple moving average which intersects the chart at around $93.
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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