Despite the stable prices in some altcoins as EOS and Litecoin, most coins under our review are yet to recover. IOTA for example is last week’s top loser shedding more than 50 percent on a weekly basis and is down 12 percent in the last day. Tron (TRX) is also on a down trend. The bad thing though is that with every low, sellers are pushing prices to oblivion. The only bright spot from yesterday is Stellar Lumens (XLM) which is up seven percent and most likely going to stabilize as long as Facebook rumors continue to pile up.
Let’s have a look at these charts:
EOS Technical Analysis
From the News
- There is development in the EOSIO ecosystem and with EOSfilestore dApp, EOS token holders don’t need to install anything before use. The dApp provides an easy avenue for coin holders to upload and download files right on the EOSIO blockchain. All transaction are done via the Scatter EOS wallet and security is guaranteed since the EOSfilestore website never has access to the coin owner’s private keys.
Regardless of price optimism that the last two candlesticks can bring, we must realize that EOS is technically in a downtrend. Notice that while the last two candlesticks are bullish and trading within a really tight range, they are wholly confined inside Aug 11 bear candlestick.
So, if anything, this depicts a nice effort versus results scenario where sell pressure is taking the lead making it hard for higher highs unless of course there is a marked increase in trading volumes eclipsing that of the last few days. Since it is steep for buyers, selling at spot prices with stops at $5.5 and bear targets at $4.
Litecoin (LTC) Technical Analysis
Even though Litecoin is down 20 percent in a weekly basis, prices have been a tad bit stable in the last 24 hours. Considering our overall trade plan which is solely dictated by bears, we shall insist on our previous assertions recommending shorting LTC at current spot prices with stops at $65. As before, first targets are at $50 and later $30—Q3 2017 lows should sell pressure persist.
Stellar Lumens (XLM) Technical Analysis
Regardless on our heavy leaning towards sellers, Stellar is the top performing coin in the top 10. Not only did bulls drive prices above 22 cents—our previous buy trigger—but there have been a convincing reversals of Aug 8 losses. Nevertheless, this doesn’t shout buy.
Instead, sellers should be searching for liquidation points as long as Stellar Lumens (XLM) prices are trading below 26 cents defined by the lows of that high volume candlestick of July 31. However, should there be a breach of that then any close above June 30 highs at 30 cents–our main buy trigger line and double top–would usher in buyers aiming for 50 cents.
That’s a tall order and not a long shot anyway—Stellar is vibrant buoyed mainly by Facebook news–but before any of that happen, we are bearish with conservatives especially waiting for prices to collapse below 18 cents before loading shorts with targets at 15 cents and later $8 cents.
Tron (TRX) Technical Analysis
From the News
- You can now buy stuff at Amazon, Walmart, Google Express and many more via Bitcoin Superstore using Tron (TRX).
There are many supportive coin centric news about Tron but still it’s native coin continue to decline sinking two percent in the last day for example. On a weekly basis, TRX is down 23 percent and perched outside the top 10 with a $1.46 billion market cap.
Regardless, TRX buyers should muster enough momentum to reverse these bears and print above 2.5 cents before we think of going long as spelled out in our last Tron (TRX) technical trade plan.
Besides, that move up should be accompanied by high trading volumes usurping the last few days trading averages showing intentions of buyers. In the meantime, we recommend shorting at spot rates with targets at Jan 24 lows.
IOTA (IOT) Technical Analysis
The broke below 90 cents has been cataclysmic for IOTA and exacerbating the situation are questions surround Curl-P, IOTA’s hashing algorithm.
Anyhow, towing in with bears is IOTA sliding 40 percent loss week over week and the failure to recover in the last day shedding nine percent in the process.
Like all other IOTA (IOT) technical analysis in the last two weeks moments after that defining break below 2018 lows at 90 cents, we shall trade with the path of least resistance, selling at current spot price with stops at 65 cents and fist targets at 30 cents.
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.
Author: Dalmas Ngetich