After yesterday’s deep losses, EOS, Litecoin, Cardano and Stellar lumens are back to previous key support lines. Odds are we might see bear trend resumptions as sellers step up, crashing important support lines. Because of this, we recommend sells for Monero and in ES. However we suggest patience for Litecoin and XLM until after there are losses below supports at $50 and 18 cents respectively.
Let’s have a look at these charts:
EOS Price Analysis
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Like the rest of the market, EOS is bearish. Though we were neutral waiting for solid close above the main resistance and buy trigger line at $7 in line with our last EOS price analysis, yesterday’s 12 percent drop did cancel our stand. As it is, prices are trading below the minor support trend line as bears stream back in line with Sep 5 bears.
In our last EOS trade plan, we reiterated the importance of bulls closing above that high volume bear engulfing pattern all because of this failure of buyers to build enough momentum to reverse those losses. From an effort versus result point of view, this was negative for bulls as bears were technically in charge. Moving on, we suggest selling at spot with stops at $6 and first targets at $4 and later $1.5.
Litecoin Price Analysis
LoafWallet is calling on Beta testers it prepares for the next release. The platform is gearing for direct fiat purchases of Litecoin shifting over from CoinBase to Simplex. This is because some team members were complaining that they weren’t receiving commissions from purchases all due to regulatory concerns around working with non-US entities. Through Simplex, users from around the globe would easily purchase anywhere between $50 and $20k upon registration.
Back to price and it’s a blood bath. A single, high volume bear bar did obliterate stops. Though we are yet to see dips below $50, odds are it shall happen today. Either way, bear intentions are clear. Simply because of this depreciation, our last Litecoin trade plan no longer holds. Going forward, we recommend selling once a single bar prints below $50 with first targets at $30.
Stellar Lumens Price Analysis
After periods of consolidation inside Sep 23 high low, Stellar Lumens bears did break below the lower limit of the wedge ushering in sellers.
As per our trade recommendations, all we needed were clean rallies above 25 cents triggering short term bulls aiming at 30 cents. However, that didn’t pan out and now not only are XLM prices below 25 cents but yesterday’s 14 percent loss mean our previous XLM buyers are now null.
Though it’s tempting to liquidate at current points, traders can resume their sells once there are losses below 2018 lows at 18 cents. This may print today but once it does, then XLM should load up and aim for first targets at 8 cents.
Cardano Price Analysis
IOHK has released Sep 2018 updates of the Shelly Project.
A 10 percent slide in the last day mean ADA prices are back to the main support line crashing stops in the process. Earlier, our ADA trade recommendation anchored on gains above the minor resistance trend line and 9.5 cents.
But, contrary to expectations, the influx of bears did negate our projection and odds are ADA prices might end up closing below 6 cents printing new ATLs.
Due to yesterday’s events, it’s likely that prices might fluctuate and trade within tight ranges in response to yesterday’s rapidity. That’s why we recommend holding off trading until after there are clean prints below 6 cents inviting for sells.
Monero Price Analysis
After shedding 10 percent yesterday, our previous Monero trade plan is firm and valid. Our bearish calls came after bears broke below the main support line in late Sep and thanks to yesterday’s break out following a consolidation, there is opportunity for sellers to ramp up.
Notice that Monero prices could end up trading below the all-important psychological $100.
Nonetheless, considering the volume accompanying this decline, traders can begin selling at spots with first targets at $70 as per our last highlights.
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.