Weekend’s price action was a short in the arm for Bitcoin, IOTA and a host of other coins under our focus. EOS is also stable despite claims of block producer crash by EOS New York. On the other hand, Tron implements their incentivization plan which is overly good for network development.
EOS Technical Analysis
From accusations of two percent of coin holders owning more than 90 percent of all EOS coins in circulation, RAM speculation, EOS centralization calls due to their emphasis on scalability and speed and now claims that some Block Producers actually crashed when their network RAM capacity exceeded one GB is just ridiculous.
Claims that some BPs crashed came directly from EOS New York one of the leading BP with authority on the site. At the moment, we cannot pin point which BPs did crash but what we know is was due to their node configuration failure or that they only had 1 GB of RAM. At current spot price, 1 MB of RAM costs $873.
Regardless, EOS is still pretty stable and continues to move within a one percent trade range inside July 2 high low. With this, it also means our trade plan is still intact and neutral. All we need is a push above $9 as laid out in our previous trade plan for EOS buys to dominate or drives below $7 if sellers are to be on top.
Litecoin (LTC) Technical Analysis
Despite Bitcoin and ETH edging higher and breaking key resistance lines, Litecoin is stable to say the least. Yes, it’s up five percent in the last day as I type this but still moving inside July 2 high low.
Either way, we remain positive on Litecoin and for activation of our buys, buyers must push and close above $90 to warrant buys on dips in lower time frames in days to come. Before then, it’s better to stay on the sideline and wait till our trade conditions are met.
Stellar Lumens (XLM) Technical Analysis
In the last 24 hours, Stellar Lumens has been edging higher and what’s important for our analysis is that consistent higher highs. To quantify, it is up seven percent in the last day and syncing with July 2 bulls.
Remember, this appreciation follows a week of horizontal consolidation above 20 cents. Since our longs are live, I suggest buying with stops at 19 cents and targets at 30 cents and later 40 cents.
Tron (TRX) Technical Analysis
Quality is a word that Tron takes seriously. They want a prosperous network and those seeking to improve their ecosystem are often heavily incentivized. Taking a look at previous Tron events, we can see a track record of them supporting top notch products and now, they have a Tron Incentive Plan.
Behind this plan is a $200,000 plan where 10 projects would each receive $20,000 for their effort to build better dApps running on Tron.
It’s no doubt that Tron is still struggling to stay afloat. In fact is down two spots and is now at 12 in the liquidity list despite gaining five percent at the time of press. Ideally I would like to see buyers printing above 5 cents before going long but that’s a tall order for bulls at the moment.
So, first, because of that double bar bullish reversal pattern of June 29-30 and July 2 engulfing pattern, solid buys would happen after prices edge above 4.3 cents or there about. That’s above July 2 highs and above the last six days consolidation.
IOTA (IOT) Technical Analysis
After two days of strong depreciation, IOTA buyers managed to recoup some of their losses over the weekend. This is good because this means we now have a Morning Star, a bullish reversal pattern right at the support in the weekly chart.
As such, in the days to come, the best approach is to look for buys once IOTA prints above last week’s highs at $1.25 or even $1.3, our conservative bull trigger. On the reverse side, any break below 90 cents would cancel this buy projection.
Coins image via Pixabay.