Though gains are around three percent week over week, altcoins are clearly rejecting lower lows and recovering. Thus far, there are reasonable gains in Litecoin, EOS and Stellar Lumens. If Stellar Lumens shake off sellers and bulls drive prices above 26 cents, chances are another flip may happen with EOS dropping down to position six in the liquidity table. Before that happens, we suggest short term buys in IOTA, Tron and Litecoin with stops at immediate support lines.
Let’s have a look at these charts:
EOS Technical Analysis
From the News
- EOSFinex, which is almost complete, is building a trustless and high performance DA trading platform around the scalability and speed that’s only available at EOSIO. In a recent interview, Kasper Rasmussen of BitFinex says EOSFinex will rely on BitFinex expertise to create this trustless platform for trading digital assets innovatively within the EOSIO platform. As a blockchain based DEX, there is a lot of expectation around EOSFinex and especially on the three main components of the platform: Sunbeam—it’s node.JS library, its smart contracts and Nodeos plugin—for order support.
Though EOS is up six percent in the last day, prices are still oscillating within an energy sapping consolidation inching between Aug 17 bullish engulfing high low.
Going forward, our last EOS trading plans will still hold true and before we see strong movements in either directions-above $5.5 or $4.5, we shall hold a neutral to bullish position cognizant of the fact that prices did find support this week though bulls didn’t build enough momentum to clear last week’s highs.
Litecoin (LTC) Technical Analysis
From the News
- The First Annual Litecoin Summit is scheduled for Sep 14 and 15 of this year and will be held in San Francisco. Expectedly, this event will attract blockchain figure heads with the lineup of who is who in the blockchain universe delivering speeches. As such, it would be exciting if the Litecoin Foundation announce some high octane news as the re-launch of LitePay, a move that previously flopped.
Like most coins, Litecoin is in the green adding three percent in the last 24 hours. The result is that nice series of higher highs rejecting prices below $50.
Even though LTC price movements are still confined within Aug 16-17 high lows, odds are the coin might find support and inch higher next week now that it is clear bulls are beginning to get into the trade.
If anything, it’s an effort versus results scenario with the last eight days of trading reversing a single day gain of Aug 17. As such, we recommend taking longs with stops at $50 with first targets at $70.
Stellar Lumens (XLM) Technical Analysis
With a doji candlestick printing, yesterday’s price action was pretty much balanced and though Stellar Lumens prices are overwhelmingly bearish, we might see rejection of lower lows over the weekend.
Notice that, our last XLM trade plan is going according to plan and not only are prices finding support at the monthly support trend line but there has been a general slowdown in sell momentum in the last couple of weeks.
In any case, our trade plan is active but today we suggest risk off traders to initiate small size longs with stops at Aug 24 lows at 20 cents and first targets at 30 cents.
Otherwise, from a conservative point of view, ideal buy and sell triggers stand at 26 cents on the upside and 18 cents or 2018 lows on the downside.
Tron (TRX) Technical Analysis
From the News
- CoinPayments–which is one of the leading and comprehensive cryptocurrency payment platform- and Tron are collaborating meaning TRX is slowly towards being a global coin. By integrating CoinPayments, 2.2 million users in more than 182 countries can comfortably settle with TRX.
By adding five percent in the last day, TRX is taming sell pressure but is still well inside Aug 17 bullish engulfing high low.
Going by this development, we recommend taking a positive preview of TRX in the short term and because of yesterday’s follow through, aggressive traders can begin loading longs at spot prices with stops at 1.8 cents.
And as per our previous TRX trade plan, conservatives should enter the market once there are gains above 2.5 cents to the upside and 1.8 cents should sellers resume trend.
IOTA (IOT) Technical Analysis
There are attempts of IOTA higher highs and this bodes well with our last trade plan.
From yesterday’s price action, IOTA is up three percent and even with some bullish candlestick, prices are still range bound and far from testing our first buy trigger line at 60 cents.
If that goes through today then we recommend short term buys with first targets at 90 cents, our last sell trigger line and main resistance line.
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.