It’s back to profitability for most altcoins as they register double digit gains. Leading the pack is XLM/USD and ADA/USD trading above important resistance levels. We expect most altcoins to keep expanding throughout this week as they reverse 2018 losses as price action form the foundation of a mega-rally.
Let’s have a look at these charts:
EOS/USD Price Analysis
At the back of strong gains, EOS/USD is up four percent in the last day and 12 percent in the last week. The result is clear and most importantly prices are edging higher towards the $7 buy trigger mark. But, before the $7 resistance mark is hit, today we might see the total reversal of Oct 11 losses. Once that prints, we suggest aggressive type of buyers to buy on dips with stops at the breakout lows.
However, risk reward considerations should be top priority and traders should take note not to risk more than they can earn. It’s for this reason that it is ideal for all traders to trade according to previous EOS/USD trade plan, buying on dips only when prices are above the $7 mark. Thereafter, first target would be at $9 and later $15.
LTC/USD Price Analysis
Moving forward, traders can margin trade BTC/LTC pair at OkEx. At the same time, it will be possible to send and receive Litecoin at Facebook messenger following their partnership with Lite.im. No doubt this partnership goes a long way in exposing Litecoin to more than 2 billion customers at Facebook who in turn could help steady LTC/USD due to increase in demand.
⭐️ Get Started – https://t.co/NXJdKlhagY
— Lite.IM (@liteim_official) October 31, 2018
Lite.im uses a feature which allow coins to be sent and received through SMS. As such it is important for users to register using their valid email address and phone number.
The expansion of LTC/USD is driving prices towards the $60 bull trigger line. Because of the last two days higher highs, it is likely that we shall trade within a bullish breakout pattern as prices race above $60 reversing Oct 11 losses for a larger three-bar bull of which the pin bar will be the small range bars from Oct 12 to Nov 3.
As such, we suggest risk-off traders to begin loading up at spot once prices close above the minor resistance trend line with first targets at $70.
XLM/USD Price Analysis
After adding 15 percent in the last week, XLM/USD pair is now trading above 25 cents in a bear break out pattern. Since our last XLM/USD trade conditions are now live, we suggest buying on dips or at spot with first targets at 30 cents.
Note that $0.3 is an important resistance level and since prices are trending comfortably above Oct 11 highs, it is likely that bulls will drive prices higher rallying above 30 cents completing a major bull break out pattern. From there on, first target will be 50 cents as laid out in our last XLM/USD trade plan.
TRX/USD Tron Price Analysis
Thanks to Tron-Dice and other gambling dApps, Tron’s on-chain transactions are on the rise smashing through the one million mark.
— Misha Lederman (@mishalederman) November 5, 2018
It’s a new milestone and goes demonstrating how Tron is emerging as a smart contracting platform that is ready to take on Ethereum replacing it on matters governance, technology and execution.
Like other altcoins, TRX/USD is on the rise building on their bull momentum from the Oct 31 pin bar. Though prices are yet to break and close above Sep highs, the general upbeat expectation in the space would easily buoy prices lifting them above key trigger line.
Anyhow, because of prevailing sentiment, traders can ride with the tide loading at spot prices with stops at 2.2 cents and first targets at 3 cents and later 4 cents. The only move that cancels this projection is if TRX/USD sink below 2 cents closing below the support trend line of this ascending wedge.
ADA/USD Price Analysis
Not only do we have a bull break out line as prices bounce off 7 cents, but odds are our ideal trade conditions will be met. But, as prices race towards 9.5 cents or Oct highs, traders can begin buying at spot prices with stops at 7.5 cents.
As laid out in our last ADA/USD price analysis, moves above 9.5 cents mean prices will most likely break above 12 cents cancelling the bear break out pattern of early August.
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.