All coins under our review including EOS, Litecoin and Stellar Lumens did register losses. They were even more pronounced in Cardano and Stellar Lumens with both coins registering a nine percent dip on average. Regardless, we retain a bullish outlook in line with week ending Sep 23 gains but persistent sell pressure driving prices below key support levels cancels our bullish stance.
Let’s have a look at these charts:
EOS Price Analysis
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An eight percent dip in the last day was enough to drive prices back $5.5 reversing previous gains. As visible from the chart not only are EOS prices now trending below the high-volume bar of Sep 21 but is now below $5.5 triggering yesterday’s stop losses as sellers step up. All in all, conservative positions are safe because trades were contingent on how sellers would react at $7.
From the chart, $7 is an important resistance level and should today end up lower, then it’s likely that bears shall drive prices below $4 and $4.5. That will complete the third phase of a bear break out pattern bouncing off $7 ushering in the next wave of sellers eyeing for $1.5.
Litecoin Price Analysis
Overly, traders are expectant of a recovery in line with last week’s resurgence, bouncing off $50, a main support line.
However, considering the completion and the confirmation of a three-bar bear reversal pattern, the Evening Star printing in a clear bear trend, it seems like buy momentum is waning. In the last day for example, LTC losses stood at four percent as sellers printed below $60 gravitating slowly back to $50–$55 support levels.
Encouragingly though, at current prices are roughly 50 percent from last week’s highs and this is usually areas where trend resume. Nevertheless, for that to happen, prices must find support and if today end up lower, then sellers would have been successful in countering last week’s gain. In any case, our previous Litecoin trade plans holds true and as long as prices are below $70, we retain a bearish outlook as prices trend inside a bear break out pattern confirmed by Aug 8 losses.
Stellar Lumens Price Analysis
Two things are clear: First, Sep 23 bullish engulfing candlestick did breach above 25 cents triggering buys. Secondly, there is an expected correction in process retesting the break out level.
This sequence of activities is normal more so after periods of high volatility without clear reasons validating such moves. What is important today is whether Stellar Lumens shall add to their losses as sellers drive their losses below 20 cents or Sep 5 lows.
If that happens, then Sep 23 shall be a false break out cancelling our last bull positions which will consequently lead us back to neutral. On the reverse side, if buyers pick up closing above 25 cents, then we suggest taking longs with stops at 20 cents. Bull targets would remain the same as buyers succeed in a typical effort versus result scenario.
Cardano Price Analysis
The first anniversary of Cardano will be held in Tokyo on Sep 29. In that day, Charles Hoskinson, the CEO of Cardano say, Infinito wallet will be launched along with some updates about Prometheus. The wallet borrows show aspects of Cardano’s Prometheus and Icarus. In summary, Prometheus is like some sorts of a toolbox tool that can run multiple wallets at once.
Back to price action and ADA is printing losses. With prices down nine percent in the last day, chances are they might re-test 7 cents, an important support line marking Cardano’s all-time-lows. Regardless, we remain optimistic of gains and as such, traders should look for loading opportunities at every dip in lower time frames but that depends on how today’s close will be.
If it ends up higher, then traders can load up at spot with stops at 7 cents and first targets at 12 cents. After all, last week’s gain coupled with agency backings did spur reversals complete with high trading volumes. But, any drop towards 7 cents and traders should hold off their trading and watch how prices react at 7 cents.
Monero Price Analysis
In what appears to be a perfect uptrend, Monero sellers have retested the main support trend line five times in the last 30 days. That goes to show how strong bear momentum is. Even if we retain a bullish stand thanks to last week’s series of higher highs, any close below this support trend line triggers sells on pullbacks.
After all, from our last Monero price analysis, stops at $110 has been hit and the only logical plan is to wait for solid sell volumes to drive prices lower before trading with the dominant bear trend.
On the other side of the coin, any revival that will see strong injection of bulls driving prices above $120 will reassert last week’s trend. Once that prints out, we recommend buying at spot with first targets at $150.
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 via Pixabay.