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Technical analysis

EOS and Litecoin emerge as top gainers as crypto bulls dominate

Sanmi Adeagbo | Mar. 3, 2019
EOS and Litecoin emerge as top gainers as crypto bulls dominate

As the crypto market surges further, EOS and Litecoin have emerged as the top gainers this month so far.

February 21, 2019. | AtoZ Markets - 4th and 5th ranked cryptocurrencies on coinmarketcap, EOS and Litecoin, have emerged as the biggest gainers since the current rally started late January. While EOS gained 85% in three weeks, Litecoin increased by 76% in the same period. The crypto market is in a position of strength now though the extent of the current rally is still clouded in uncertainty. Most ardent crypto bulls have been calling the current price levels as good entry zone. The possibility of the new bull phase taking the previous all-time-highs will make the bulls to get even more upbeat. However, such moves as these are seen many times in 2018. Just when it looked like it would lead to total recovery, price would drop again to a lower price.

Since 29th January, most (if not all) cryptos have gained significantly which has led to the call for market recovery. Bitcoin, Ethereum, Ripple Bitcoin cash gained between 18%, 45%, 15% and 40% respectively. Litecoin and EOS have been the highest gainers with 76% and 85% respectively. The driving forces behind these two biggest gainers can't be ascertained at the moment.

EOS technical analysis

EOS, Litecoin Crypto top gainers

According to Elliott wave theory, which has been very effective in analyzing and forecasting crypto short and long-term market moves, price is at a crossroad between 'a corrective bounce' and an 'impulse wave rally'. Since the last price lows in December, we expected a 5-wave bullish break away from the bearish zone e.g. a 5-wave rally into  $6,000-$7,000 for Bitcoin. Unless this happens, the current rally from 2018 low looks corrective.

The chart above shows a zigzag pattern formed between 1.615 low at 4.0705 high and well contained in a channel. If price drops fast below 3.228, the bulls should be wary as we might be about to see another low below $1. A dip below the channel will all but confirm the resumption of the sell-off seen throughout 2018. On the other hand, an impulse wave break above $5 is needed and price is close to it. A minor dip to retest 3.33 or slightly below it is likely before wave iii resumes upside. At the moment, price could do just any of these - a new low or a major recovery above $6-7.

Litecoin technical analysis

EOS, Litecoin Crypto top gainers

Since 29th January, Litecoin has gained about 76% from $22 to peak at $54. However, just like EOS, Bitcoin, Ripple, Ethereum, the current rally looks corrective and price might resume the sell-off to a new low. Unless a big surge above $61 happens quickly to result in an impulse wave recovery, the bulls should not rejoice yet.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.