Although we are yet to see confirmations, the fact that most alt coin prices as Litecoin, IOTA, EOS and to some degree Stellar Lumens are stable and trading within tight ranges means bear pressure is slowing down.
Well, it may be a coincidence because this week marks the end of bearish June where pull backs are common. We shall nonetheless take the optimistic approach waiting for prices to edge past key resistance line forming a spring board for further gains in the second half of the year.
Let’s have a look at these charts:
EOS Technical Analysis
At long last, the confusion, criticism and “centralization” calls are subsiding all thanks to a decision made by Dan Larimer, the CTO of EOS. One thing should be clear: that EOS is a unique blockchain project and the first that has WET governance in place. This means, there are elements of arbitration and that gave birth to ECAF.
ECAF actions which many claim were all over the place and to some extent unprofessional more so when they issued a directive freezing 27 accounts is about to be clipped. In fact Dan Larimer, while suggesting that the constitution be rechecked because “ECAF action damage to community from ECAF is greater than funds we hope to restore to users” and that “Arbitration should be limited to correction of intent of code” were the basis of a constitution check limiting ECAF’s “undefined and unpredictable power.”
Whether you use ETH, BTC, or EOS there is a community governance process which enables upgrades and transaction reversals. Whether you vote by stake or by hash power, votes are cast and decisions are made. Wise men plan for civilized dispute resolution before it happens.
— Daniel Larimer (@bytemaster7) June 24, 2018
It’s highly that these events are behind EOS price support. In the last day alone, EOS is up three percent and actually finding support at our intermittent support at $7. This means that while the general trend is bearish, aggressive traders can pick out bottoms and start buying at current prices with stops at $7. However, conservatives should first stay on the sidelines and wait for bulls to push prices above $9. On the reverse side, any break below $7 cancels this risky buys and ushers sellers aiming for $4.
Litecoin (LTC) Technical Analysis
Cryptofuse is attempting to do something no other company has tried before: Take the blockchain offline. This by all accounts is a pretty ambitious drive but a feasible one because contrary to popular opinion, not many people have internet access.
So it’s a no brainer that availing technology that enables offline transactions without causing duplication within the mainnet will help boost adoption. With that you can send Litecoin transactions, smart contracts and a lot more even in the absence of the internet all thanks to the Mesh technology which they incorporate.
Like EOS, Litecoin bulls are rejecting lower lows and is a tad bit stable, trading above $70. There is a double bar bull reversal pattern at around the first bear target and support at $70. However, what we need to conclusively make a trading decision is a break above $90 in line with our initial trade projection. However, traders can begin buying today with tight stops at $70 with first buy targets at $110. That would entail trading the pull back on a bear trend.
Stellar Lumens (XLM) Technical Analysis
As we conclude the month, Stellar Lumens (XLM) prices seems to be recovering, rejecting lower lows at around April lows. Regardless, we remain caution, preferring to trade with the trend and sell on every high, the simple fact that XLM is finding support means buyers can take advantage of this pull back. Ideally, what we wish to see is an up-thrust above 20 cents if XLM buyers are in charge or break below 15 cents signaling trend continuation. Either way, risk averse traders have to wait for a potential break out and trade accordingly.
Tron (TRX) Technical Analysis
Fans of porn wishing to upgrade to premium can now pay using TRX coins. The rubber stamp was sealed by Tron and Justin Sun. As this partnership reverberates across the crypto-verse, Tron Super Representative Elections is ongoing. Out of the 100 candidates, two-CryptoDiva and Skypeople– are active, validating blocks. Unlike events after EOS mainnet launch, there is sanity and super nodes aren’t blocking accounts. Once TRX coins are released by exchanges, voting will pick up.
Price wise and like other coins, TRX is stable and up one percent at press time. Now, while our sell trades are live, our stops are at June 26 highs of 4.3 cents. If TRX appreciates, reversing those losses then I recommend exiting sells and taking longs with stops at 4 cents. There is a word of caution though. Those who want a more complete double bottoms to print should wait for prices to move above our official buy triggers at 5 cents before buying.
IOTA (IOT) Technical Analysis
In lower time frames, IOTA prices are moving within a tight trade range, a consolidation with short term buy triggers at $1.1. While sellers are technically in charge, sticking to our previous trade plan and waiting for clarity is priority. So, for those trading with the trend and anticipating sells, wait for a break below 90 cents. Otherwise, if today ends up bullish, closing above $1.1, then buy with targets at $1.3 and $1 with stops at 90 cents.
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.