After weeks of double digit loses and break below important support levels now resistance, Stellar Lumens—XLM/USD, Litecoin—LTC/USD and even Monero—XMR/USD could pull back towards immediate resistance as demand grow in lower time frames.
Let’s have a look at these charts:
EOS/USD Price Analysis
The ego war is having a toll on Bitcoin cash and after dropping 52 percent from last week’s close, BCH has dropped to fifth meaning EOS is now the fourth most capitalized coin in the space despite losing 26 percent in the last week.
Although this flip could cement the trust investors have on the coin, candlestick arrangement points to stability in a bearish market. From previous EOS/USD price forecast, we had said as long as prices are trending below $4 then both set of traders are free to unpack EOS on pullbacks with first targets at $1.5.
Now considering yesterday’s rejection of lower lows, we expect prices to edge higher today. Because of that aggressive traders would look for shorting opportunities in the 1HR or 4HR chart only when prices are trending below $4. However, any sharp break above thrusting prices above $4.3 cancels this bearish projection.
LTC/USD Price Analysis
Traders and investors are definitely hurting and with LTC/USD collapsing and dropping ranks to eight, we might end up seeing a recovery today as prices bounce back from $30. From previous LTC/USD price analysis, we had insisted that it was imperative for bulls to maintain LTC prices above $30 because should there be any losses at the back of high volumes, then odds are LTC/USD pair could drop to $20 and even $10 by the end of the year.
At the moment though, prices are calm thanks to injection of buy pressure—high market volumes rejecting lower lows below our main support level of $30. For a retest of $50, then we need to see a recovery above Nov 21 highs of $40. Once that print then aggressive traders can buy LTC at spot with first targets at $50—or higher depending on momentum, with stops at $35.
XLM/USD Price Analysis
Thing is Stellar Lumens, like the rest, is facing a lot of headwinds and is literally struggling against incessant sell pressure. But after yesterday’s dips below 20 cents and the rejection of lower lows as a doji bar prints with high volumes, we could end up seeing XLM/USD edge higher by close.
Notice that even though the trade range was wide and volumes highs—almost double those of Nov 25, bears couldn’t force a meltdown meaning XLM has underlying support.
As a result of yesterday’s doji bar, we suggest buying at spot prices with stops at 13 cents with first targets at 30 cents. On the flip side, risk-on traders should take a hold position only entering longs if and only if today close as a bull completing a three-bar bull reversal pattern, the morning star with first targets at 30 cents with stops at 15 cents or there about.
ADA/USD Price Analysis
Technically, ADA/USD is bearish and is trading within a bear break out pattern following last week’s drop below 6 cents. At spot prices, it is trending at new lows but could recover today.
Although we don’t suggest buying at spot prices unless otherwise this week close as a bull above 6 cents and with support from increasing market participation via volume uptick, odds are the pull back in BTC could see Cardano print higher.
After all, we already have a pin bar and aggressive traders can take advantage of this reprieve to pluck ADA at a discount with stops at 3.3 cents or Nov 26 lows and aim at 6 cents—our immediate resistance.
XMR/USD Price Analysis
Monero is down 34 percent in the last week but sellers are pretty slow in the last day adding 3.1 percent while printing a pin bar after yesterday’s close.
Although this could indicate increasing demand which aggressive, risk-off traders can take advantage of and buy at spot with stops at Nov 26 lows of $54 and targets at $70, conservative traders should be cautious until after there are strong surges above $70 igniting bulls and possible recovery to $110.
On the flip side, any dip below $50, clearing our stops could as well crash buyers as prices sink towards $20 disillusioning miners.
All Charts Courtesy of Trading View
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.