Altcoins though swinging-are on a recovery path and none stands out like IOTA. Gains have been consistent and they continue to partner with strategic industries. As that is happening Tron SRs election is on-going and so far there haven’t been market moving news events injecting demand.
Let’s have a look at these charts:
EOS Technical Analysis
In an effect versus cause, effort versus result comparison, we can clearly see that sellers are in charge. That’s if we consider the six-month time frame since the beginning of the year. In this time frame we can clearly see that EOS has been on a down trend.
This is irrespective of the fundamental aspects that their mainnet is now live and Block Producers are busy validating transactions. In the last week though, prices have been recovering but is our buy projection really valid? Well, it depends and that’s more so if we see gains above $9 like we have been reiterating in previous analysis.
For strong buys, traders should first see gains reversing June 22 depreciation and that means valuation above $12. This applies for risk-off traders who needs confirmations. However for risk-on, aggressive type traders, buying above $9 on every dip means conservatives targets at $15 with stops at $7.
Litecoin (LTC) Technical Analysis
Overly, LTC prices are stable even in a midst of an otherwise bear trend. The events of the past weeks are bound to change this narrative especially if we see gains above $90, our immediate resistance line and lower edge buy trigger we have been emphasizing in our analysis.
Note that, despite that strong bullish candlestick of July 2, LTC is stuck in a range mode. This is normal and should not mean sells instead it could imply that there is a lower-level accumulation in progress. Mind you, the only thing that cancels this bullish projection is a dip below $70 or June 29 lows.
Stellar Lumens (XLM) Technical Analysis
Like before, July 2 strong move above 20 cents triggered our buys and we continue to be long in line with our trade plan. There are pockets of sells but buy momentum seems to outweigh that as July 3 and 4 candlesticks shows.
As it stands, we can see that prices are still moving inside July 2 bullish candlestick and so for those planning to enter, wait until there is a move above 22 cents of July 2 highs. Thereafter, you can begin to load or wait until prices gains above 25 cents to trade with the trend with stops at 18 cents and 23 cents respectively.
Tron (TRX) Technical Analysis
The execution of the Tron mainnet and election of the 27 Super Representatives have been meticulous and near-perfect to say the least. We can easily conclude that the planners of this execution and Justin Sun PR were attentive to detail, learning from EOS failings.
Their constitution is not yet out but going by how they have been handling stuff, Justin Sun would probably want it to be free of controversy especially when it comes to the power vested on their network super nodes.
On to the charts and TRX prices are stable. Of course, picking bottoms is a dangerous games and since TRX prices was literally stuck in a consolidation before that explosion in late 2017, we would take a conservative approach.
By this I mean my buy suggestion would take effect once we see up-thrusts above 5.5 cents, the upper edge of this trade range. Otherwise, for now we remain neutral even if we have those higher highs. Any break below 3.3 cents and sellers are likely to drive prices to 2.5 cents, the lower limit of the trade range.
IOTA (IOT) Technical Analysis
As we have mentioned before, IOTA user case qualifies this coin as a long term buy and what a good time to buy this coin. After bouncing off the support at 90 cents, IOTA gains have been consistent and in the last 24 hours, they are up three percent. I suggest buying at current prices with stops at 90 cents or June 29 lows and stops at $2.5.
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.