By all accounts, alt coin sellers have had the upper hand this week. EOS, Tron and IOTA were some of the coins that saw double digit erosion but encouragingly for buyers, there seems to be a re-bounce. By yesterday, Litecoin, EOS, Tron and to some degree Stellar Lumens were trading within very tight range and rejecting lower lows despite high trading volumes. Basing my forecast on price action, if today’s candlestick ends up bullish with high market participation levels, sellers should exit their positions and pave way for buyers.
Let’s have a look at these charts:
Encrypted messaging running on blockchain, super fast transactions, free usage and a web wallet is what EOS plans for their users once they launch. The DApp, EOSChat is a combination of brains from the EOS community. Unlike other chats users won’t have to pay extra to move data from one EOSChat user to another, is fast and they can actually convert their smart phones into a light node and access the EOSIO ecosystem. On the security front, this EOSChat app will leverage on Dawn 3.0 Technology to provide a two tier security system. For maximum security, it uses double private keys and new generation multi-level authority management modes.
While we were a tad bit confident that prices would move up, EOS sellers overcame demand pushing prices lower. Nevertheless, we remain bullish and we are already seeing signs of bear exhaustion. Relative to other coins, EOS is down two percent in the last 24 hours despite high volumes. Well, if you were short, you can continue holding on to your position until after we see significant moves assuring buyers that indeed the trend is shifting. That will only happen if prices reverse and print above May 17 highs at $14.
Litecoin (LTC) Analysis
Ever heard of Toshi? This is a CoinBase app that many users think was missing something. There was a deficiency somehow since they mainly specialized in Ethereum. As a matter of fact, Toshi is an Ethereum browser. However with the announcement that Litecoin would be part of the fray, things are back in sync if user sentiments are factored in.For those who don’t know, Toshi is basically a wallet system and CoinBase subscribers can directly benefit from their wide array of services in offer.
— Charlie Lee [LTC] (@SatoshiLite) May 18, 2018
So why is this good for Litecoin? Well, it’s a reiteration really. Litecoin have been and continue to strive for complete mobile integration. With Toshi seeking to expand their ecosystem, Litecoin would be better placed to increase their reach.
Technically, what we are seeing is some sort of a spring board right at our main support line. As we have mentioned before $130 is a key support level that bears a lot of significance considering Litecoin valuation. At current prices we have that rare mix of high volumes and low trading range.
Regardless, it’s better to wait for confirmation and for bull entries, today’s candlestick must be positive and reversing May 17 losses. That’s the ideal set up but generally, if a bull candlestick prints, then we can go long and place stops at $130. Note that our business is not to pick bottoms and that’s why you must wait for confirmation.
Stellar Lumens (XLM) Analysis
Either way, we might end up with a double bottom at 30 cents or sellers will slice through this support line today. For a double bottom to form thanks to May 12 rejection of lower lows, buyers must push prices towards 40 cents and probably edge past May 16 and 17 bear candlesticks. If not, then any break below 30 cents shall assert our bearish preview. In that case, our bear targets shall be at 20 cents in line with our previous analysis.
Tron (TRX) Analysis
The cool thing about Tron is that their community keeps receiving updates on a regular basis. One of the new development is the announcement of Tron Scan. In a Tweet, the Tron Foundation said that the newly designed explorer would allow users to keep track of what’s happening to their super representatives, search within the ecosystem and even vote.
We are proud to present Tronscan V2! This explorer offers a brand new design, the possibility to search on our blockchain & get a snapshot of its development, vote & follow the activity of the Super Representative candidates, and much more! https://t.co/95iTpkl87c pic.twitter.com/2kZPGz10dH
— Tron Foundation (@Tronfoundation) May 18, 2018
This announcement comes less than 20 days before the mainnet launch where there is excitement all around. Already startups are working hard and ensuring that the EOS DApp ecosystem is up and running before launch.
As long as prices remain within a consolidation, we remain neutral just like yesterday’s trade plan. Our sell triggers lies at 6.5 cents while we should see up thrust and close above 7.5 cents for us buy Tron.
IOTA (IOT) Analysis
From the chart, it’s clear that IOTA is but moving within a $2 range anchored between $1 and $3-our upper limit. What is happening now is but simple oscillation between these two edges. While we try to refine our entry, there would be buy opportunities if and only if there is rejection of lower lows at $1.5.
Notice that yesterday’s range was tight and this means that we can only wait and see where the markets shall price IOTA today. Any bull candlesticks should be good fodder for buyers who can take initiate longs on Sunday and place their stops at $1.5. If that happens, sellers should exit their shorts and enter longs because then sentiment might be shifting against them.
The post Tron, EOS, Litecoin, IOTA and Stellar: Price Analysis May 19, 2018 appeared first on NewsBTC.