Litecoin, EOS, Stellar Lumens, Tron, Cardano Price Analysis: Bitcoin Dominance Increase is Negative for Altcoins, TRX Dips
After last week’s gains, buyers are slowing down and from EOS, ADA and XLM charts, the consolidation inside Aug 28 or Sep 1 high low should cement our forecast today if not through this week. Unless otherwise, our stand is neutral but we retain a bullish leaning. Our previous trade assertions would be more solid more so should there be blasts above immediate resistance levels.
Let’s have a look at these charts:
EOS Price Analysis
From the News
- Ledger Nano S supports EOS
Happy #CryptoTuesday! Ledger now supports Hycon, Waves, Rise, FIC Network, Pirl, EOS and Akroma. These 3rd-party apps for Ledger Nano S are available on Ledger Live: https://t.co/lVojp5GnZu
For more details on upcoming cryptos support visit https://t.co/4PGV5TOz2l pic.twitter.com/Bsy2LVx6Zp
— Ledger (@LedgerHQ) September 4, 2018
Technically, EOS prices are on an uptrend and though there is a glass ceiling impeding further gains as the chart shows, the current correction is likely to be a short term. This is so because accompanying volumes are low and are struggling to reverse Sep 1 gains.
From historical price set ups, this is a classic effort versus result situation and as long as prices continue to range inside Aug 21 and most importantly within last week’s bullish engulfing bar, buyers can always search for long opportunities anywhere between current spot prices and $5.5. The latter as we said represents immediate support and a potential Fibonacci retracement reaction level at 38.2 percent from our last EOS trade plan.
Litecoin (LTC) Price Analysis
With a five percent gain backing Litecoin, bulls are back in contention. This comes after extended periods of sell pressure that saw prices dip 90 percent from their all times highs. Though Satis Group project a ball park valuation of $225 in the next decade, they might be proven wrong should there be a pick up from this bottoming market.
Even if prices are edging higher confirming Aug 17, 27 and Sep 1 trend setters, we recommend taking a neutral stand today simply because of prohibitive risk reward ratio. Then again, prices are a couple of dollars away from previous break out level and important level at $70 in our analysis. However, should prices edge higher conclusively breaking and closing above $70, then we suggest picking longs on pull backs as laid out in our previous LTC price analysis.
Stellar Lumens (XLM) Price Analysis
All things constant, previous Stellar Lumens trade iterations hold true as long as prices edge higher near the apex of this wedge. Picking up from previous Stellar Lumens trade plan, XLM might find support at the marked trend line near 20 cents on the downside and 25 cents marking resistance levels. For now, we recommend a wait and see approach. After all, since prices are at the final section of the wedge, a break out could happen any time. Thereafter, traders can be in a better position to trade in the direction of the new found momentum.
Tron (TRX) Price Analysis
From the News
- Days after launching their TVM and announcing Project Atlas, Tron now has more user accounts than EOS. Through a tweet, the Tron Foundation said the network had 301604 active account surpassing EOS by 1,945.
Despite their activity on social media platforms and on-chain incentives as rewards for SR voting, Tron is still outside the top 10 and dipping lower a couple of days after launching the TVM.
Though most are bullish on EVM compatible VM, prices continue to diverge, heading lower but still moving inside a bull flag inside Aug 28 candlestick. From previous trade plans, we hold a positive outlook on TRX and are net long.
At the moment, those who are yet to execute longs should wait for a break out above the bull flag and 3 cents before making entries in lower time frames according to the break out direction. Accompanying this break out should be high volumes showing participation intent.
Cardano (ADA) Price Analysis
From the News
- You can now be posted about the development of Project Shelly. Though they keep postponing date launch, the community are expectant of a launch in Q1 2019.
To say the least, movements of most coins under our preview have been flat. It is even worse in Cardano where prices are ranging within a 1 cent range inside Aug 28 high lows. While markets might actually rise in line with recent gains and the overall revival of the altcoin market, recent fluctuations are solidifying our reasons for taking a neutral stand at the moment.
That’s aside factoring in risk reward ratio now that 12 cents is an important price level in our analysis. As mentioned before, any thrust above 12 cents would most likely lead to an influx of traders aiming for 20 cents and 40 cents in a purely bullish outlook. On the flip side, any dip past 8 cents and ADA might register new ATLs.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
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