EOS, Stellar Lumens, IOTA, Litecoin, Tron Technical Analysis: Altcoins Path Back To Q4 2017 Peaks
It’s a ball park seven percent gain for all altcoins under our preview. While our trade plans are live and on course, we expect further gains especially in Tron which is due to launch their virtual machine as they compete with Ethereum by end month. Others as IOTA, LTC and EOS are rising thanks to recovering Bitcoin prices and the general positive alt-coin market.
EOS Technical Analysis
From the News
- Speculation is rife that a $1 million order on Binance propelled EOS prices above $5 on Aug 27.
- Despite registering high transactions and record TPS, EOSIO network dApps are struggling to attract real usage as daily visits statistics show.
On top of buoying fundamentals and market wide appreciation, EOS is holding on tight and following through Aug 27 higher highs. As we can see from the charts, not only did EOS gain six percent in the last day, but the mere fact that $5.5, our minor resistance line and Aug 17 highs would likely be hit today. All in all, we recommend short term longs with first targets at $7 and $9 as spelled out in our last EOS price analysis.
Litecoin (LTC) Technical Analysis
From the News
- In the future, the price of Litecoin and other cryptocurrencies will be reflective of their intrinsic value, not on speculation. That’s Charlie Lee’s thoughts on the performance of Bitcoin, Litecoin and most coins in the market which are down more than 80 percent after peaking. During the interview with CNBC’s Fast Money, he also said he had no intention of buying back Litecoin and he sold his coins because of conflict of interest and nothing else. However, he recommend those planning on buying in to do so with capital they can afford to lose.
Technically, Litecoin is raising with the rest of the market and is already up six percent in the last day.
Though prices are moving within a tight range, our last Litecoin trade plan is active and we suggest ramping up longs in lower time frames in anticipation of the new trend set rolling by Aug 17 bullish engulfing candlestick and confirmed by Aug 27 high volume thrust above Aug 20 bears.
Loading at current prices mean stops should be at $55 with targets at $70, $90 and later $110 should buyers step up their charge.
Stellar Lumens (XLM) Technical Analysis
Like most coins, XLM is bottoming up and might continue adding to their gains going forward. All things constant, prices are still in a consolidation along 22 cents and with every higher high, our risk on trade conditions are likely to be printed.
Ideally, what we want is a single high volume candlestick breaking and closing above 25 cents. This will usher the next wave of bull pressure as set out in our previous XLM trade plan with buyers aiming for July highs. Nevertheless, capitalizing on the market overall gains by taking longs on every dip with first targets at 30 cents is our suggestion.
Tron (TRX) Technical Analysis
From the News
- Coin burn, reward mechanism will be dependent on the community and on-chain development Justin Sun has announced. All this will be in a bid to ensure autonomy, democracy and complete decentralization within the Tron network.
$TRX burn and the Reward Mechanism will be changing based on #TRON network development and in sync with our community to ensure a #decentralized, #autonomous and #democratic TRON ecosystem. #TRX https://t.co/y6fkBSLilc
— Justin Sun (@justinsuntron) August 27, 2018
- The Tron Foundation has burnt a further 670 million TRX ERC-20 compliant tokens taking the total count to over 1 billion TRX ERC-20 compliant tokens which have been disposed.
As the community gears for the official launch of TVM, TRX is on a rapid recovery path adding 10 percent in the last day and in the process printing above 2.5 cents triggering longs in line with our last TRX trade plan.
Because of this, we suggest buying on dips with first targets at 3 cents—our sell trigger and immediate resistance line. Safe stops should be at 2 cents or below Aug 27 lows, the break out level.
IOTA (IOT) Technical Analysis
After periods of consolidation and lower lows, Aug 27 thrust and close above 60 cents did confirm Aug 17 bullish engulfing candlestick.
Now that IOTA is racing higher after adding 20 percent in the last day, we suggest ramping up longs in lower time frames or at spot prices with targets at 90 cents as spelled out in our previous IOTA iterations.
Ideal stops should be at Aug 27 lows at 55 cents but could be lower depending on your risk reward ratio.
Disclaimer: This is not investment advice and views represent that of the author and not NewsBTC. Do your own research before making an investment decision.
The post EOS, Stellar Lumens, IOTA, Litecoin, Tron Technical Analysis: Altcoins Path Back To Q4 2017 Peaks appeared first on NewsBTC.