Buy Crypto
The slide seems to pick up even as bullish reversal pattern print out in weekly charts. EOS, IOTA and Litecoin are experiencing resistance to upsides. In my view, and in light with the general bearish trend, sellers might take control today and push prices towards immediate supports.
Let’s have a look at these charts:
EOS Technical Analysis
Like Ripple (XRP), price stability of EOSIO RAM is important for the very existence of the network. As it stands and according to Dan Larimer, the price of RAM shall be determined by free markets dynamics and of course to enable that, we have Bancor Relay Tokens.
#EOS RAM is up 32x since launch and still going up. Is EOS ram really as finite as people think it is? Mainnet ram is currently 64gb, just ~3% of the 2tb that will be available eventually. Side chains extend this further… @EOS_io @go_eos #blockchain https://t.co/b7g8qB7m9Z
— EOS Silicon Valley (@EOS_SV) July 3, 2018
All Bancor does is to enable buying and selling of RAM at previously agreed market rates but since its vital for dApp development, developers ought to know about future prices for planning purposes. To tame prices, there are proposals of setting side-chains. The problem now is creating a smart contracts layout that perfectly links these side chains with the main EOSIO chain. Further suggestions indicate that stand by BPs would be required to contribute towards this interesting development.
Despite recent dips, EOS is a tad bit lower and finding obvious resistance at $9. While we remain positive in this overwhelmingly bearish market, buyers need to show their grit and push above this main resistance line to activate longs. Before then, we remain neutral as laid out in our previous trade plan and should sellers print below July 2 lows at $7.8, then we should liquidate on every pull back with targets at $4.
Litecoin (LTC) Technical Analysis
As different jurisdictions declare crypto mining an environment disaster and inefficient, Kumamoto Electric Power Company and OZ Mining Corporation have solid plans in place and shall begin mining by August. To hit their targets, they will install 14,000 mining equipment running every day of the week. They will be timely for Japanese investors because at any time of their convenience they can visit these data centers and take a tour whenever they wish.
Still, movement in LTC has been limited with no ground for upsides as the daily chart shows. We reiterate again saying that unless there are no gains above $90, buyers should remain neutral. Because the general trend is down and there are resistances for upsides, sellers can decide to enter at current prices.
In that case, safe stops should be at July 2 highs at $91 with targets at $70. Of course, as we are up-beat about LTC prices, that tight stop will be a fall back in case there is an up-thrust as buyers sync with June 29-30 and July 2 price actions.
Stellar Lumens (XLM) Technical Analysis
Oddly enough, Stellar Lumens is stable and moving inside July 2 high lows. As it does that, our Stellar Lumens (XLM) buys are live because prices are trending above 20 cents, our buy triggers. Now, while we acknowledge that sell pressure is immense-and it has for the last two months or so-trading with it makes sense.
That’s why should we see depreciation below July 2 lows at 18 cents, our buy projections would be null. However, any strong break above 23 cents would signal buy pressure meaning traders would have to buy on dips with targets at 30 cents and later 50 cents.
Tron (TRX) Technical Analysis
There are schedules for Tron’s VM coming this July 31 with Justin Sun saying the launch will be preceded by a launch of a secret project. We are yet to know what this secret project is and all we know that it must be huge enough going by the speculation it cause on Reddit. Anyhow, at the moment, Tron has nine dApps and price wise it is down to 12 spot sliding three percent in the last 24 hours.
In line with yesterday’s assessment, TRX is a sell now that prices are trading below July 2 lows at 3.5 cents. This is no surprise and June 29-July 8 events were short covering offering an opportunity for sellers to unload on pull backs.
I suggest selling at current spot prices with stops at 4.2 cents and targets at 2.5 cents. The only counter effect that can cancel this trade plan is any gains above 4.2 cents hitting our stops and accompanied by high trade volumes. That would hint that buyers are alive and realigning according the events of last 10 days or so.
IOTA (IOT) Technical Analysis
There is only one thing that can cement IOTA buy position: buyers pumping price above July 2 highs and $1.3. Before then, we shall remain bearish-though with a bullish leaning-even if there is that three bar bullish reversal pattern with anchors at 90 cents a key support line.
As it stands, buyers might push higher but, if sellers follow through and sync with the general bear trend then we might see further losses below 90 cents triggering our sells. The best approach then when trading IOTA considering the technical formation is to wait for break outs in either direction.
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.
