Even if prices are fair off from seven days ago, still bears are in charge. The daily chart specifically displays a ball park five percent drop over a 24 hours span in coins as Tron, IOTA and EOS. Though we remain bearish, any high volume break above $65 might trigger the next wave of buy pressure in Litecoin while a close below $50 would definitely signal trend resumption and in that case targets at $30 would be ideal.
Let’s have a look at these charts:
EOS Technical Analysis
Needless to say, EOS prices are in a downtrend as the weekly chart shows. There statistics indicate that EOS prices are down 20 percent week over week.
Unless otherwise, we shall maintain a bearish stand as we wait for prices to print nice higher highs before loading shorts in line with our previous EOS technical analysis.
Considering the stay of price action as the chart shows is held within a tight trading range, we suggest holding off trading until after there are convincing dips and close below $4 our first bear targets or above $6, our intermittent resistance line and Aug 10 highs.
Litecoin (LTC) Technical Analysis
Yesterday’s high volume jut away from main support and immediate support trend line founded our reasons for longs.
Then as statistics shows, there were high trading volumes and a sizeable bar reversing Aug 14 highs but then sellers are back. Even though prices are still held within Aug 14 high lows, yesterday’s four percent clip of bull momentum means traders are back in equilibrium mode.
In line with our previous LTC trade plan, the suggested risk reward ratio makes short entries prohibitive. That’s the sole reason why we have to wait for proper trade set ups before either syncing with sells or taking an optimistic view of price action.
For sells to be valid, then our plan dictates selling when there are high volumes close below $50.
Stellar Lumens (XLM) Technical Analysis
From the News
- Odds are Jed’s platform Stellar will be on focus through Q3 and 4 of 2018. Supportive this assertion are recent developments as Facebook rumors which as rumor point out, the social media figure heads are keen on creating their own cryptocurrency. Besides, there are several products in development ready for launch. That may as well boost price but for now, Stellar Lumens is back to sixth thanks to the past week stagnation along 22 cents.
Price action wise, it will be wise to trade according to our set rules and that means waiting for conclusive close above 26 cents for meaningful longs.
On the reverse side, sellers will be back after more than 10 days of apparent XLM strength.
To reiterate, any dip below 18 cents and 2018 lows would likely open doors for further downside with first targets at 15 cents and later 8 cents.
Tron (TRX) Technical Analysis
From the News
- As reported earlier, South Korea’s LINE is listing Tron in their new $10 million crypto investment fund ran by Unblock Corporation. The corporation is LINE’s blockchain subsidiary and as a company with more than 200 million users spread across SE Asia, such news is a boost for the crypto coin experiencing headwinds.
Though losses are minimal, TRX is down three percent in the last day, sellers are obviously in the fore front. This projection isn’t far from our initial Tron trade plan and that’s due to bulls failure to build up enough momentum to breach and close above Aug 13 highs of 2.2 cents.
If price action fails to edge past that minor resistance line, then trading with the trend is the best available option for traders.
In that case, any rejection of higher highs at or around 2.2 cents and 2.5 cents provides a perfect entry point to sell on pull backs with first targets at Jan 24 lows.
IOTA (IOT) Technical Analysis
Despite the fledgling markets, IOTA prices are stable oscillating between bullish and neutral in the last day. As the daily chart shows, IOTA prices are still trading within Aug 13 high lows with strong support at 40 cents preventing further losses.
In our previous IOTA trade plans, our second bear targets are at 30 cents. This level would most likely be hit should there be reversals and a break below 40 cents today or over the weekend. Before then, we retain a neutral but aware that sellers are in charge.
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.