Statistics show that alt coin prices are within range and oscillating within May 24 high low. That’s including Tron which had an important fundamental event yesterday. The TVM is but a non issue and whether this is a calculation and a soak of sells/buy, the chart will show. In the mean time though, most coins as IOTA and EOS are within strong support that can either make or break them today. Any convincing evidence of trend resumption would necessitate initiation of trades according to the direction of the break out. Otherwise, we remain on the sidelines.
EOS Price Analysis
Besides trading, it’s better to make sure that your EOS tokens would be safe before EOS migration. There are several ways of ensuring that your coins are safe in line with yesterday’s suggestion. Complementing security, ensure that your EOS coins are under EOS registry. There are several ways of ticking your EOS coin register. Do so before June 2 when distribution would be in a 1:1 model. In the meantime though, may 24, 2018 afternoon events could jolt price action. Notice that bulls were higher reversing losses and yesterday statistics shows that buyers are up eight percent. Could there be a follow through as the week caps?
Technically, buyers are building on March 24 double bar bull reversal pattern and could edge higher today. While volumes are below average, odds are sentiment could turn out to be the main price propellant and that’s what we are banking on. Therefore, our trade strategy would involve looking for buys opportunities in lower time frames with stops at $11 for aggressive traders and $10 for conservatives. The latter is a strong support line and just below May 24 lows and that’s where I propose fixing your stop loss.
Litecoin (LTC) Price Analysis
At first there seems to be resuscitation in Litecoin prices but after yesterday’s events, price action is oscillating within May 24 high low. Now, what’s happening here is important because after May 24 completion of a double bar bull reversal candlestick, buyers seems to be joining in and we can see that in our price action. Besides, after that accumulation in the first week of April and consequent, it’s only now prices are testing the same trade range.
In essence we now have a series of higher highs happening inside a $70 trade range whose limits stands at $180. Considering these developments, it’s safe to buy at every low because prices appear to be bouncing off the lower limit of this trade range. However, this shall only happen after there is sufficient evidence and push above $140.
Stellar Lumens (XLM) Price Analysis
As usual, there is nothing much developing on the news front on matters Stellar Lumens. However, what we are seeing is a reflection of the overall market mood. There is a breather for buyers after 28 days of incessant bear pressure in what seems to be an uptrend.
If we bring to play the past three candlesticks then we realize just maybe buyers are finding a footing following May 24 rejection of lower lows and the follow through we saw yesterday. As a matter of fact, this is happening at around the 61.8 percent Fibonacci retracement level. We can jump right in and buy Stellar Lumens at current prices. But because we want to remain cautious, loading at 35 cents is safer since then the market would have expressed itself better. In that case stops at 30 cents would do the job just right.
Tron (TRX) Price Analysis
As always, Tron and Justin Sun are skilled marketers. With less than a month before the World Cup starts, Tron is strategically positioning after partnering with vSports. This is a platform that would surely bring visibility to Tron and blockchain technology because the event draws global viewership at a ball park 4 billion viewers. That’s not all. ADDEX a decentralized exchange which moves 25 percent of DEX volumes via Ethereum shall now shift their workings to Tron.
In the meantime, price expansion was not as swift as we had anticipated. Yes, there are attempts of higher highs especially in the 4HR chart. So, unless there is a follow through and emergence of buyers, yesterday’s TVM launch is quickly turning out to be a non-event. Ideally, I need to see buyers bid Tron prices above 7.5 cents. From there we can be better placed to buy whenever buy opportunities presents themselves in lower time frames. Otherwise, this remains a sell.
IOTA (IOT) Price Analysis
At the moment, IOTA is trying hard to mold and compact its infrastructure. They are taking a two prong approach and one of them, IOTA ecosystem seeks to build a strong community where collaboration and communication is easy. This fosters development within IOTA. Secondly, Qubic which they claim is a big project with even bigger potential. David Sønstebø calls it the best thing to have ever happened to IOTA and what it is, is still shrouded in mystery. However, solid information claims that Project Q which IOTA is building is nothing more but a computational power market place and a platform for smart contract design and deployment.
Our previous assertion is still valid and we cannot rush to buy IOTA without seeing market participation. Even May 24 volumes were thin contrary to what usually happens in absorption. Unless there is a spike in volumes anytime today, I’m net bearish even if prices are above $1.5. Our perfect entry and rejection of lower prices should be accompanied by explosion in volumes pushing prices towards two. Conversely, if the same happens and it leads to a break below $1.1, then sell and trade with the trend.
Coins image via Pixabay.