Syscoin “Attack” and Binance SAFU Coincidence? :EOS, IOTA, Litecoin, Stellar Lumens and Tron Technical Analysis
Overly, alt coins are back in the positive territory adding $11 billion in market cap. Supporting this is the obvious gains in IOTA and at EOS regardless of the RAM issues and the power vested on block producers. Talking of powers and it seems like hackers are becoming a threat after their audacious attack on Syscoin blockchain prompting Binance to halt trading and announcing a SAFU for fund safety. This begs more questions than answers!
Let’s have a look at the charts:
EOS Technical Analysis
According to EOS Nation, who are one of the 21 block producers, the cost of their planned Air Drop is expensive and in the upwards of $150,000. The reason? Well, thanks to their uncontrolled RAM purchases that literally made it impossible and even realistic for normal dApp developers to use the blockchain, RAM prices are spiraling out of control.
Now they are reverting their proceeds back to the EOS Nation Engagement Fund. Just for you to get a gist of how expensive it to create an account, first understand that RAM is a speculative item. With 82 percent of total RAM reserved, the demand is up and it currently costs $4 per KB and $16 for an account to go live in EOSIO. That’s just bonkers and a deterrence for a system that we all thought would see a surge of dApps running on it. None at the moment utilize EOSIO by the way.
Despite the flurry of negativity, EOS prices are on the rise and so are accounts because of their direct correlation. Technically we remain bullish and like yesterday, there is a chance to buy EOS at current prices while conservatives can wait for convincing breaks above $9. How long we have to wait depends on the speed of price change and demand of EOS. Regardless, stops should be at $7.8 or $7, key support lines in the daily chart.
Litecoin (LTC) Technical Analysis
News is Binance is creating a Secure Asset Fund for Users (SAFU) following recent Syscoin events that saw its blockchain attacked. Then, it was clearly demonstrated that hackers mined more than the total network supply of Syscoin prompting Binance to suspend deposits and withdrawals in its platform. As this was happening, traders at Coinome can now trade LTC/XRP and two other pairs.
We are in an uptrend and LTC is up eight percent in the past week reversing July 3 losses and aligning with the general bull pressure in the process. Because of yesterday’s events, today we might see further gains as our buy trigger at $90 is activated. All in all, plans of trading prudently means stops would be at $80, that’s just about July 2 lows.
Stellar Lumens (XLM) Technical Analysis
There is a tad bit of rejection of higher highs after July 3 but that doesn’t mean our over-all short term bullish projection is null. In fact, in line with this stand, current prices provides a perfect opportunity for buyers to load up on dips in lower time frames. After all, according to the way our initial trade plan was set, Stellar Lumens (XLM) long trades are live with stops at 15 cents or June 29 lows.
Tron (TRX) Technical Analysis
Mainnet launches and platform migration is a complex affair and with regards to Tron, there has been a delay by most exchanges. Of the more than 40 exchanges which the Tron Foundation and Justin Sun said would support the new TRX coin, only six allow deposit and withdrawal in TRX as I type this. That’s exclusive of Binance where withdrawals isn’t possible.
Now, to the charts and ideally, June 22, 26 and 28 bear candlesticks are important for our analysis. From the way price action is set, bulls have been successful thus far. Price are trending above June 22 highs but it would be better if they trend above 5 cents.
Doing so mean buyers would have recovered Tron losses of July 22 and that’s important. That’s why we have placed conservative buy triggers there despite the general mood being bullish. In the meantime though, we suggest buying at current prices with stops at 3.3 cents or June 29 lows with risk-on traders waiting for gains above 5 cents as aforementioned.
IOTA (IOT) Technical Analysis
There is a bounce at IOTA and thus far, it has reversed July 3 gains and inching higher in line with our trade plan. As before, we recommend buying on every pullback in lower time frames with targets at $2 and $2.5 as laid out before. Because of these higher highs, stops should be at July 3 lows at $1.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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