During the latest cryptomarket slump, EOS and Litecoin took major hits that decreased prices back to key support levels. As of press time, EOS trades at $11 over USD and 0.00167 BTC over Bitcoin, while Litecoin trades at $99 over USD and 0.015 BTC over Bitcoin.
EOS/BTC
On the EOS/BTC chart, price was able to hold at key support level that served as strong support on previous market corrections during the month of May. Price successfully bounced off form the 0.786 Fibonacci level to the 0.5 Fibonacci level, which currently acts as strong resistance level. The MACD is still below the signal line, which means that momentum is still in favor of the selling sentiment. RSI currently sits on the middle neutral zone, which indicates that trading is fairly normal. The strong bounce from the support level is good indication that EOS is regaining momentum in the coming days.
EOS/USD
On the EOS/USD chart, EOS price was able to bounce off the major support line at the 1.00 Fibonacci level. The downward trend line coincides with the 0.786 Fibonacci level, which acts as major resistance line. The MACD is currently far below the signal line, which indicates that momentum is currently in favor of the sellers. The RSI is also sitting on the middle neutral zone. A successful break above the 0.786 Fibonacci level could propel EOS back to an upward trend in the coming days.
LTC/BTC
Moving to the LTC/BTC chart, Litecoin price was able to bounce from the 0.0143 BTC support level, which also acted as strong support during December 2017 and January 2018 market corrections. The 0.786 Fibonacci level acted as strong support in the past month, but is currently acting as major resistance level. The MACD is currently moving sideways just slightly below the signal line, which means that momentum is slightly in favor of the sellers, but could still have a drastic move upwards. The RSI bounced off from the oversold region, but is currently not looking very strong. More trade volume will be needed to fuel an upward trend toward the resistance line. A successful break of resistance could signal upward trend recovery, but price rejection could have Litecoin re-testing the major support level.
LTC/USD
Trading over the USD, Litecoin price action is still on a downward trend. The 1.00 Fibonacci level serves as major resistance line that coincides with the downward trend line. Price broke below the first support line and managed to bounce off the second support line. The MACD is moving sideways just slightly below the signal line.
(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)
