Today’s focus is on the price of Cardano, which appears to be bottoming out. Like developments in Tron and Litecoin, it’s clear that there is a rejection of lower lows and behind these rejections are high volumes moving prices across wide ranges. If Cardano edge higher, then odds are Litecoin, Stellar Lumens, IOTA and Tron would follow suit benefiting buyers.
Litecoin Price Analysis
Charlie Lee, the controversial founder of Litecoin took to twitter to “address” the concerted efforts by “groups”keen on watering down Litecoin valuation. At current prices, Litecoin is down 90 percent from 2017 peaks but regardless, Litecoin holds tremendous value according to Charlie Lee.
Citing the availability of Litecoin in virtually all exchanges and the deep liquidity around the digital assets, he mentions that there are more than nine payment processors that help move about $200 million worth of transactions every day. This is on top of Litecoin support of Lightning Network and atomic and submarine swaps making the network invaluable with great future potential.
Litecoin Technical Analysis:
In the daily chart, prices are moving within a tight range with ceiling s at $65-$70 zone on the upside and $50—a main support line on the down side. Though our last Litecoin price analysis is still valid, we should mention the influence of $50 but most importantly, Sep 17 bearish engulfing candlestick.
Not only is it backed with strong volumes but the fact that recent higher highs have been unsuccessful in dislodging bears is important. All in all, we remain neutral and until after there are strong surges in either direction. Nevertheless, due to bears of the last eight months, we suggest taking bearish stand expecting surges below $50 triggering sells aiming for $30.
Stellar Lumens Price Analysis
OKCoin USA, a licensed and secure exchange now supports five more coins including Stellar Lumens (XLM). The only caveat in this arrangement is that Californians are the only US investors with unrestricted access to trade XLM/USD pairs. Otherwise, investors from around the US can trade crypto-crypto pairs with the exchange promising to expand in the future.
Steller Techncial Analysis:
At current prices, Stellar Lumens is up two percent but still trending below the previous support trend line now resistance and the all important 25 cents mark. Despite this resurgence and re-coup of Sep 17 losses, we remain neutral until after our previous Stellar Lumens trade plan conditions are met. That is, for XLM bulls to cement their stand and trigger buys on pull backs, we need movements above 25 cents. On the flip side, for sellers to resume their trend towards 8 cents, prices should dip below 18 cents. All these break outs ought to be accompanied by high trade volumes.
Tron Price Analysis
Deposits and Withdrawal is back to normal at Bithumb following their successful upgrade.
BitBay, the largest crypto-exchange platform in Poland now supports TRX. Going forward investors and traders alike shall trade TRX against crypto (BTC), the Euro and Polish Zloty.
Tron Technical Analysis:
Encouragingly, momentum is building on TRX and yesterday’s bullish candlestick closing above the 1 cent trade range did break above 2 cents. This move validated longs in line with our laid-out Tron trade plans. Should today confirm yesterday’s movements then odds are Tron prices would rally towards 3 cents and 4 cents. This shall override the overshadowing sell effects of Sep 17 bar.
IOTA Price Analysis
No doubt, IOTA and its ecosystem continues to improve and just the other day, a user posted a snap shot purporting to show how fast it was for funds to move from an exchange (BitFinex) to Trinity upon withdrawal approval. From the snapshot, fund transfer took 20s to reflect at Trinity and it appears this is the standard irrespective of the exchange. Development as such goes on to show how the network is maturing and stabilizing over time.
IOTA Technical Analysis:
Like most coins under preview, IOTA is in range mode with clear resistance at 60 cents. This level doubles up as a buy trigger line as stated in our last IOTA trade plan.
All things constant, many are banking on a recovery but in case a contrarian move print out then sellers stand a chance if and only if there is close below 50 cents and more conservatively on 40 cents—Aug lows.
However, if there is a market-cap building move that will lift IOTA to the top ten and 60 cents before close of this week, the buyers should prepare to load on dips with first targets at 90 cents. Safe stops should be at 55 cents.
Cardano Price Analysis
After dashing Bitcoin, Weiss Ratings an independent US based rating firm founded in 1971 is now backing Cardano—and Ethereum. It’s true that Cardano though still in theory holds a lot of promise. All thanks to their slow but measured approach to updates and the transparency around their developments.
All in all, endorsement as such rejuvenates investors who have so far experienced more than 95 percent of their investment.
Cardano Tehcnical Analysis:
The trend is changing and backing this assertion is Sep 18 bar completing a double bar move. While it had a long upper wick hinting of bears it did close above 7 cents behind high trading volumes. Aside, the past two bullish candlesticks have been building on from that rejection closing higher just less than 1 cent away from our stops at 8 cents.
Because of this, I recommend exiting shorts and fading bears by buying at spot price. Suitable stops should be at 6 cents with first targets at Sep 5 highs at 11 cents.
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.
Coins image via Pixabay.