Price wise, EOS continues to draw attention and is up 78 percent for the week. Besides, it’s trading above January highs meaning traders can look for buying opportunities within a bullish break out. Apart from Litecoin which is still stagnant and dropping positions, IOTA and NEO are worthy of a second look as they remain our long term buys.
Let look at these charts:
Yes, there is the aspect of FOMO driving EOS but then again, we have more and more big shots willing to be block producers, Antpool also wishes maintain the network and that’s not all, institutional money through VC partnership are finding their way into EOS.
So, as the mainnet launch nears, the pump would be inevitable. Now, the question is this: will EOS test $100 and will BP ensure that the network scales faster to validate the coin prices? We shall wait and see but at the moment if you had less than 100 EOS, you can make a request through EOSDAC that runs for the next couple of days.
Price wise, EOS is up 10 percent in the 24 hours and 78 percent in the past week. With this valuation, EOS is above Jan 2018 highs and we project $30 before June mainnet launch. As such, our EOS analysis remains pretty much the same: buy on dips on lower time frames. Immediate support lies at $14 and since prices are above $18, we shall be trading a bullish break out.
Like its fundamentals, Litecoin is a tad bit slow and trading within a tight $20 range. To put it in perspective, Litecoin is up one percent in the past week and down one percent in the last 24 hours.
In my view, I’m net long on this coin as per my previous coin analysis but as long as prices are trending below April 24 high low, I remain neutral. I shall recommend buys only when prices are above $180 and from there, buyers should target $240 in the short term. Because of this, those buying on dips can consider $140 perfect spring board.
XLMUSD (Stellar Lumens)
With a three percent and 20 percent daily and weekly gain, our Stellar Lumens price forecast is coming through nicely. We shall hold this positive view and expect bulls to add on to their position on dips. Even though we are bullish, we expect a little bit of sell pressure at 50 cents. However, because the weekly stochastics are positive we should look for buying opportunities with targets at 70 cents in the short term.
From our stats, IOTA seems to be slowing down as it is down two percent for the week and in the last 24 hours. Anyhow, this is was our expectation following that strong push in the week before last.
In our daily chart, it’s clear that prices are still in consolidation mode and oscillating within April 25 high low. We shall be neutral with a bullish skew as per our previous IOTA technical analysis.
I recommend patience until there is a stochastic buy signals printing at around $1.60 in lower time frames or buyers pushing prices beyond $2.20, our immediate resistance. Because of this trade plan, our immediate take profit lies at $3 and $4.5 in the short term.
Fundamentally, we didn’t see strong developments to warrant a NEO price hike. Still we remain bullish and yesterday we actually had that push that saw prices trading above April 25 high lows and reversing last week’s losses. Like from our previous NEO price analysis, we remain bullish and I recommend buys with targets at $110 and $150 in the coming weeks.