Unexpectedly, altcoins are sinking lower hitting stops as previous bull expectations fade. All in all, it’s likely that LTC/USD pair is now trading below the all-important support. Should today edge lower then we expect bears to pick up and drive prices towards $30 as TRX/USD, EOS/USD and XMR/USD pairs follow suit.
Let’s have a look at these charts
EOS/USD Price Analysis
The BTC–Altcoin relationship is clear in this pair. Following a two percent drop in BTC prices, EOS slid a massive four percent in the last day quashing bull expectation. Still, EOS seem to be moving along Oct 11 bear move as the reflect bear pent up momentum of the last 14 days.
Going forward, we shall retain a neutral outlook aware that losses below $4 or $4.5 shall attract bears towing well with the last 10-month bears. Should today edge lower then odds are the main support line shall be hit and we shall recommend aggressive traders to short sell with stops at Oct 29 highs.
LTC/USD Price Analysis
Statistics indicate that Litecoin’s hash rate is up 750 percent in the last year to 238 Terahash. Aside from low difficulty levels, this massive jump in hash rate is due to increase in adoption levels.
Regardless of hash rates spike, prices are pretty bearish and down +80 percent in the same period. In fact, following yesterday’s losses, it’s likely that our last LTC/USD price projection will be invalidated.
This is so because of yesterday’s drop below $50 as our trade was stopped out. Like in our previous LTC/USD iterations, it depends on how today close because any full bear bar that print below $50 could ignite another wave of sellers aiming at $30.
For bulls to rein supreme then it is imperative for prices to recover yesterday’s losses.
XLM/USD Price Analysis
Another 3.5 percent drop was enough to reverse Oct 28 gains switching prices back to bearish. Even though none of our trade conditions were live, it seems like sellers are keen to add to this year’s losses. As laid out in our XLM/USD trade plans, bulls need to drive prices first above 25 cents triggering short term bulls aiming at 30 cents.
On the reverse side, sellers should be in control if prices sink below Oct 15 lows at 20 cents—the upper limit of our support zone. Further losses below 15 cents could usher in a spate of sellers aiming at 8 cents. Therefore, it is imperative for prices to steady at current valuation failure to which we could trigger a value drain.
TRX/USD Price Analysis
Aside from clear rejection of higher highs, bears seem to be back and are dragging prices back below Oct 15 anchor bar. Yesterday’s losses also mean our last TRX/USD trade plan is invalid yanking us back to neutral. Going forward, we recommend aggressive traders to fade previous TRX/USD trade plan, selling at spot with first targets at the minor support line at 2 cents. Stops remain at 2.4 cents with this advice all thanks to yesterday’s high sell volume hinting point to underlying bear momentum.
XMR/USD Price Analysis
Overly we remain neutral on Monero in line with our last XMR/USD price analysis. Two things could trigger our trades. Firstly, moves above $120 causing bulls to buy on dips in the direction set by Oct 15 buyers. Secondly, moves below the psychological $100 or Oct 11 lows confirming bears set in motion by Oct 11 losses.
Following yesterday’s massive losses, we might end up seeing bear trend continuation. As such, aggressive, risk-off traders can begin unloading at spot with stops at $120. First targets remain at $100 and later $70. In the meantime, conservative risk-on traders should wait until a whole bear bar prints below $100. Thereafter they can sell on pull backs in lower time frames with first targets at $70 and later $50.
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.