Overly, altcoin bulls are in control and even though prices are consolidating inside key candlesticks, week ending Sep 23 bulls influence our analysis—and sentiment. Most notably is Monero which is consolidating and rejecting lower lows below $100 and EOS which despite Huobi collusion accusation is stable but a long way from $7. Litecoin, Cardano and Stellar Lumens prices are stable and might edge higher this week confirming our bullish stance.
EOS Price Analysis
Rarely is there a perfect consensus algorithm. Somehow, all of them end up with a fundamental flaw or two. Proof of Work is secure but energy inefficient while DPoS is fast but allows for centralization and to some extent collusion or corruption. Depends on how you look it. A new dossier has been released by a Huobi employee as reported by Trust nodes purporting to show how Huobi vote for block producers in exchange for proceeds. While Huobi is one of the 21 block producers, this corruption has seen them earn $6,000 on top of the $10,000 they earn every day for transaction validation. The report reveals how Huobi even support shell block producers without websites or public nodes. Considering EOS ownership concentration, big players as exchanges wield a lot of power crushing decentralization.
Technically, we remain bullish on EOS. While prices didn’t close above week ending Sep 23, the reversal from key Fibonacci retracement level as prices align with bulls is important. After yesterday’s one percent gain, it’s likely that prices will edge higher this week despite the consolidation in lower time frames. All things constant, our last EOS price analysis will remain constant. Until there are strong moves above $7, risk-on, conservative type of traders will remain on the sidelines. On the flip side, sellers will dominate should sellers jump in and drive EOS below $4.
Litecoin Price Analysis
CoinText, the popular SMS cryptocurrency service which allow users to send crypto via text or a crypto address, now supports Litecoin. Vin Armani, the founder of the CoinText said the platform is coin agnostic and looking for ways of empowering people to use cryptocurrency just like they do use cash.
Despite the ranging market, Litecoin bulls are in control. Notice that while our initial buy triggers set at week ending Sep 23 highs at $60 were hit after huge gains of Sep 27, there has been no confirmation of higher highs as prices consolidate within Sep 27 high low. Needless to say, because of effort versus result scenario following those gains, bulls are likely to drive prices higher in coming days. That’s why we recommend buying on pullbacks. First target is at $90, the upper limit of the consolidation. However, risk-on trades will be live once prices are above $70.
Stellar Lumen Price Analysis
StellarX, which describes itself as a transparent “Greenfield for adventurous traders”, is now live. The platform is a full feature trading app for the Stellar market place. StellarX is a product of Chain and Interstellar. StellarX is free and even if they charge a negligible 0.00001 XLM to prevent spam, reimbursements—of fees—happen every week. This is possible because StellarX consensus algorithm doesn’t allow staking or proofing though work.
In seven days, Stellar Lumens prices did move within Sep 23 high low. Encouragingly, the fact that XLM prices did end up above 25 cents is bullish cementing our last bullish stand. From candlestick formation, we recommend buying at spot price. This is in line with Sep 23 bullish engulfing bar backed by high volumes. Besides, notice that prices are bouncing off the 78.6 percent Fibonacci retracement levels. Because of this, our first targets will be at 30 cents. Further gains will trigger conservative bulls aiming for 50 cents.
Cardano Price Analysis
ADA is up one percent in the last day and still trending inside bullish engulfing bar. Thanks to that bar, ADA bulls are likely to close above Sep 23 and 10 cents. This can potentially usher in another wave of buy pressure aiming at 12 cents. Ideally, we recommend risk-off traders to buy at spot rates with stops at Sep 27 lows at 7.5 cents. According to our last Cardano price analysis, first targets will be at 12 cents and if there are strong breaches above that resistance line, risk –on type of traders can buy on dips with first targets at 20 cents.
Monero Price Analysis
To reiterate, Monero is technically on an uptrend with the main support trend line providing clear support. From the chart, notice that sellers did retest the main support trend line six times. Their failure to close conclusively below $100 and trend line mean bull momentum is quite high. So, while our last Monero price trade plan holds true, bulls will only be in charge once prices edge above $120. Before then, we retain a neutral stand. We are aware that any dip below $100 shall invite sellers aiming for $70 or lower.
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.