After implementation of their version of “Segwit”, Monero transaction fees are near zero. Because of that, Bittrex and Binance have responded by slashing withdrawal fees to a mere $0.01. This is bullish and coincidentally it happens at a time when Litecoin plans to execute core 0.17 promising to drive down network fees by a factor of 10. These developments spur adoption which in turn builds demand which is what traders need to see.
Let’s have a look at these charts:
EOS/USD EOS Price Analysis
Despite lower lows and a ranging market, momentum is building up in line with our last EOS trade plan. Complementing Oct 25 doji candlestick yesterday ended up higher with another long lower wick point to increasing demand in lower time frames. Now, because of our positive outlook, it’s likely that a bullish break out will print and in that case we recommend taking a wait and see approach in the next few days. Once there are conclusive breaks above $7, then traders can begin buying on dips in lower time frames with first targets at $9. However, counter trades which clears our stops at Oct 15 lows cancels this price projection reverting us back to bearish.
LTC/USD Litecoin Price Analysis
It appears miniscule but the simple fact is that Litecoin is bullish. Most notably though is that bulls seem to be taking control rejecting prospects of lower lows below $50, our main support and sell trigger line. Syncing in with our last LTC/USD trade plan, we recommend patience until after there are surges above $70. But, should there be a close above $55 at the back of strong market participation then we recommend short term buys with stops at $50. Consequently, first bull targets would be at $70 with drops below $50 effectively invalidating this forecast.
XLM/USD Stellar Lumens Price Analysis
Overly, Stellar Lumens is ranging with tight limits inside a 10 cents zone. Inside this range is another important cap that bulls must clear before buyers are certified. Needless to say, the last five days lower lows is important as it provides an opportunity for Stellar Lumens bulls to load up at discount with first targets at 30 cents. But we remain upbeat. Apart from that, we note that drops below 20 cents will invalidate this overview. In fact we could even see prices drop towards 8 cents as bears step up their momentum further deepening this year’s correction.
ADA/USD Cardano Price Analysis
There is no difference between weekly and daily volatility as market continue to consolidate horizontally above 7 cents. Considering yesterday’s price movements, our last ADA/USD trade plan is valid. Therefore, though we expect higher highs as buyers push prices above 9.5 cents triggering bulls, we also are cautious of meltdowns below 7 cents. That’s why we remain neutral but bullish considering the depth of this year’s correction. Breakouts in either direction will trigger trades with stops at the highs or lows of the breakout bar.
XMR/USD Monero Price Analysis
— Binance (@binance) October 26, 2018
In response to Bullet proofs implementation, Binance and Bittrex XMR withdrawal is near zero at $0.01.
Back to price action and the reaction has been positive. Prices are oscillating inside Oct 15 high low and because prices are above $100 and below $120, we shall maintain a neutral stand. However, odds are we might see a break above $120 as Monero bulls pull back reversing this year’s losses. If not, and there is a momentum drain tangling XMR prices with it then $70 will be inevitable.
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.