Altcoin Analysis: NEO, EOS, LTC, Monero and Lumens

An across the board recovery for altcoins prices and this is of course positive. Monero’s response in the midst of strong sell pressure remains today’s highlight.

Even though we cannot really say this is a certified 100% buy, we ought to wait for further price appreciation until buy triggers are hit.

Furthermore, there is a tad bit of undervaluation in EOS and NEO while LTC is recovering after testing $155 yesterday. Like everything else, today could cement this recovery of even feed bears.

Let’s have a look at these charts:

XLM/USD (Lumens)

Lumens Technical Analysis
XLM/USD Daily Chart for March 10, 2018

I took a top down approach on this pair and notice that while this week has been bearish Lumens prices are still trending above the middle BB in the weekly chart. That level, are we have emphasized on many occasions is key for our analysis.

In the daily chart, we can see a bull pin bar with closes above $0.30. it is no doubt that if today bull pressure continues, then tomorrow buyers can begin looking for buying opportunities in lower time frames as a 3-bar reversal pattern call the evening star pattern would be complete.

Besides, note that the stochastics are turning from oversold territory and should pressure increase, then prices need to strongly close above the middle BB and from there we can take longs on every pull back.

XMR/USD (Monero)

Monero Technical Analysis
XMR/USD Daily Chart for March 10, 2018

After yesterday’s price action, Monero price action seems to be reversing as per our projection. More often than not, strong and extra-ordinarily long candlesticks as March 3 bear candlestick are followed by tepid, range type markets and even reversals as we are seeing.

That is what is happening now and even if Monero prices continue to appreciate today as they conclude the 2nd phase of a bullish break out pattern, trend resumption would be complete is there is a strong push and close above $350 which double up as March 3 highs and our short term resistance pattern.

Today though, it would be perfect if there is a follow through of yesterday’s bullish pressure as they angle for higher prices. It is for this reason that Monero traders can look for buying opportunities with stops below $350 or March 9 lows.


EOS Technical Analysis
EOS/USD Daily Chart for March 10, 2018

Because of yesterday’s price action formation, EOS sellers can exit their positions. Why? Well, yesterday’s candlestick is outside the lower BB and when we consider BB mathematics, this equates to under valuation and a possible price recovery.

Furthermore, already today’s candlestick is bullish and if it remains this way then we can be positive of some higher highs in consequent sessions.

As always, since picking out bottoms is a loss making game, its better if we wait for confirmation but aggressive traders can take long positions and place their stops below yesterday’s lows at around $5.2


LTC Technical Analysis
LTC/USD Daily Chart for March 10, 2018

From the daily chart, we can see that yesterday’s lows did reverse from around $155 which also happens to be our break out level.

Now, since we can see bulls are already pumping prices higher as they try to break above $200, it would only be ideal-for buyers-and perfect for long entries if prices fail to test $180 or low in the consequent sessions.

Anyhow, notice that there is a stochastics buy signal and this bullish momentum could actually drive prices higher.

My conservative buys-valid before the retest-will still hold and in this case, I will only recommend buys when LTC prices appreciate and close above $230 and the middle BB.


NEO Technical Analysis
NEO/USD Daily Chart for March 10, 2018

While NEO bears are stalling at $85, the 61.8% Fibonacci retracement level, what is drawing my attention is yesterday’s close.

As visible from the chart, that is a whole bullish pin bar that is below the lower BB and like EOS price action, buyers are finding reasons to buy.

There is some undervaluation and coincidentally, a stochastic buy signal is in place. In my opinion, if today ends up bullish then I recommend buys tomorrow with immediate targets at $110 and $130 respectively.


All BitFinex, Bittrex and CoinBase charts courtesy of Trading View

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If it wasn’t bad enough with hackers and dodgy websites trying to hijack your computer hardware to mine some crypto coins, ISPs have been discovered doing it also. Governments, or agencies closely linked to them, have been caught commandeering local internet connections in order to inject mining malware.

Turkey, Syria and Egypt Fingered

Fingers have been pointed at internet providers in Turkey and Syria which have been secretly injecting surveillance malware, while those in Egypt have been using the same technology to inject browser based mining malware.

According to reports ISPs in these three countries are using Deep Packet Inspection technology from Sandvine to intercept and manipulate web traffic and end users’ computers. The technology allows internet providers to prioritize, degrade, block, inject, and log various types of internet traffic on a packet by packet basis.

Turkey’s Telecom network has been using Sandvine PacketLogic devices to redirect hundreds of targeted users to malicious websites and spyware. Similar incidents were recorded in Syria whereby users have been redirected to spurious versions of antivirus software containing government malware.

In Egypt telecoms operators have taken a step further and are using the technology to secretly inject crypto mining scripts into every HTTP page that users accessed. Researchers at Citizen Lab found that providers were using a scheme called AdHose to covertly raise money by mining the anonymous altcoin Monero;

“We found similar middleboxes at a Telecom Egypt demarcation point. The middleboxes were being used to redirect users across dozens of ISPs to affiliate ads and browser cryptocurrency mining scripts.” 

Massive Mining Malware Outbreak Halted

In a related story cyber security experts at Microsoft were able to halt a huge outbreak of mining malware this week. Windows Defender researchers discovered the Trojans spreading rapidly across Russia, Turkey and Ukraine, affecting over half a million computers.

The malware dubbed ‘Dofoil’ carried a crypto mining payload which would hijack the hardware of the victim’s machine to mine for the cryptocurrency Electroneum.  Microsoft released a statement on the outbreak which stated;

“Dofoil is the latest malware family to incorporate coin miners in attacks. Because the value of Bitcoin and other cryptocurrencies continues to grow, malware operators see the opportunity to include coin mining components in their attacks. For example, exploit kits are now delivering coin miners instead of ransomware. Scammers are adding coin mining scripts in tech support scam websites.”

Not only do we have to contend with hackers and cyber criminals jumping on the crypto train and looking for a quick buck. Those unfortunate enough to have to use Egyptian internet services will have their government trying to hijack their computers too.

In the cryptocurrency world, negative trends tend to skew people’s perception. More specifically, everyone is focused on the current Bitcoin price dip. It makes them lose track of the bigger picture, which still paints a very promising future for the world’s leading cryptocurrency. A lot of positive things will happen in the next few years, regardless of the current Bitcoin or future Bitcoin price.

The Bitcoin Price Dip is Temporary

If history has taught us one thing, it is how the Bitcoin price tends to bounce back strongly. We see big dips every single year and often end the year with an all-time high. This cycle has been present for some time and seems destined to repeat itself. Speculators may feel differently about that outlook right now, though. This recent Bitcoin price dip has a lot of people concerned, even though things will be just fine.

More specifically, every Bitcoin price dip is a new buying opportunity. Lower prices will attract new speculators and investors alike. This is the way it has always been in the financial sector. Cryptocurrencies are no exception in this regard. Everyone knows Bitcoin hit $19,000 last year. There is no reason to think we won’t see that price again in the future. It may not happen in 2018, but it will eventually happen again. Some people even predict a BTC value of $29,000 by the end of this year.

Fueling the future Bitcoin price growth will be some major technical developments. Most people already know SegWit adoption is increasing as we speak. This leads to lower fees, normal confirmation times, and transaction batching. All of these trends are incredibly positive for the world’s leading cryptocurrency when looking at it from a long-term perspective.

Other Major Developments on the Horizon

SegWit alone will not make Bitcoin great again, though. It does pave the way for the Lightning Network. This scaling solution seems to be closer to a main net release every single day. When it goes live, it will certainly shake things up for all Bitcoin users around the world. Even so, other technical developments are needed to improve the overall ecosystem.

In the near future, we will see more sidechains such as Rootstock. There’s also the likes of drivechain, Liquid, and a few other sidechain projects to keep in mind. All of these new features will unlock new possibilities for Bitcoin in the future. In time, they will also impact the Bitcoin price in a positive manner.

For those looking for more privacy, Bitcoin will have you covered as well. Tumeblebit and ZeroLink are two projects definitely worth keeping an eye on. Their integration may not necessarily happen in 2018, but the overall improvements will attract fresh capital regardless. The future is looking extremely bright for Bitcoin, assuming people are willing to see it. Looking past the current Bitcoin price dip is difficult, but this is only a temporary setback.

FOMO Moments

The bounce came and the bulls are back in charge again this morning. Many were wondering if the markets would fall to Feb 6 lows but they did not make it that far down. Bitcoin found support at $8,500 and has climbed back 4.6% to over $9,300 bringing the altcoins up with it. They are all recovering but one that is leading the way is Nano.

Coinmarketcap reports that Nano is up over 34% during this morning’s Asian trading session. This altcoin seems to have wilder swings than the rest and is a bit more volatile. Trading at a low of $8.72 yesterday Nano is up to $12.24 today. Over the past week it has slumped 45% from just under $16 to yesterday’s low but has now rebounded stronger than the rest.

Nano is the re-branded version of RaiBlocks, it has been in a general downtrend since its all-time high of $37 during the New Year crypto spike. New wallets for Android and iOS have renewed interest in the coin but it has yet to gain the momentum to keep it from falling when all the others do. The movements of Bitcoin still have such a great influence over all other altcoins.

Nano is traded predominantly on Binance which has 75% of the trade volume. Its market cap is $1.6 billion and it is ranked at 18th, 24 hour trade volume is $75 million. Nano is currently leading the rally but in general all cryptocurrencies are down and total market cap is still below $400 billion.

Other altcoins recovering strongly this morning include Litecoin, Monero, Iota, VeChain, OmiseGO, and Icon.

More on Nano can be found here:

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.