On average, last week’s losses were in excess of 15 percent. Coins as EOS and Monero for example did register 23 percent dips while further losses in Tron would most likely trigger a price collapse towards the coin’s ATLs. Simply put, most of these coins are testing key support lines and are literally at a ledge even when coin specific fundamentals are positive.
Let’s have a look at these charts:
EOS Price Analysis
Week over week, EOS is down 23 percent. As a result what we do have is a double bottom at around $4.5, the first level support line in our EOS price analysis. From our earlier analysis, our trading plan is reliant on how prices react following Sunday’s rejection of lower lows. The thing is, yesterday was pretty even and with a pin bar capping the day, EOS movements are within tight trading range. This means sellers are still in charge as the long upper wick demonstrates. Because of this, we recommend staying neutral until after there are solid moves confirming Sep 9 bull candlestick or a follow through of last week’s depreciation driving prices below $4.5.
Litecoin (LTC) Price Analysis
If more USDTs are printed, then its market cap might surpass that of Litecoin (LTC). However, considering the overall demand for a stable coin and USD in this declining market, a single digit drop below $50 would no doubt trigger the next wave of sell pressure edging Litecoin towards $30 in line with our last LTC price analysis. This may oil the next USDT–LTC flip. Anyway, for now, we remain neutral and per our emphasis, we recommend executing trades once prices dip below $50. Alternatively, if LTC bulls close above $60—the upper limit capping gains following Sep 5 losses, then we suggest buying small LTC lots.
Stellar Lumens (XLM) Price Analysis
After yesterday’s losses, Stellar Lumens is trading below 20 cents and retesting our main support line at 18 cents. We have emphasized how important this level is and after today, we might see bears breaking below 2018 lows. Notice that yesterday’s candlestick had a long upper wick. Most importantly, it ended up lower building on the trend set by Sep 5 bears. Therefore, any dip and close below 18 cents would most likely trigger bears keen on selling on every pull back retesting the 18 cents to 20 cents resistance zone with targets at 8 cents.
Tron (TRX) Price Analysis
Currently, TRX bears are testing the double bottom and the 1.8 cents support line. In line with yesterday’s TRX preview, we recommend taking a neutral stand applicable for those who missed out on Sep 5 trades. Once there are convincing high volume close complementing last week’s 25 percent loss, then sellers can begin unloading with targets at Jan 24 lows or Tron’s ATLs. If not and TRX get a boost rejecting further depreciation, then any close above 2 cents would likely trigger bulls aiming for 3 cents or just above Sep 5 highs.
Monero (XMR) Price Analysis
A three percent dip in the last day was enough to reverse Sep 9 bullish attempts setting the ground rolling for a potential breach below the main support trend line below $100. A look at last week’s 23 percent loss means odds of a close below this psychological mark confirming Sep 5 losses is high. As per our expectation, any loss driving prices below this mark will undoubtedly means the resumption of sell pressure. In that case, suitable stops would be at $110 and immediate targets would be at $70.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.