Undoubtedly, altcoins are under immense pressure. Laying out this is the increase of Bitcoin dominance to over 55 percent showing investors shifting their capital from altcoins to Bitcoin. All in all, rousing developments in EOS, they are set to unveil new dApps, should prop prices while a damning analysis by Tushar Jain, the MD of Multicoin could trigger renewed criticism on Litecoin and Charlie Lee further damping prices.
Let’s have a look at these charts:
EOS Price Analysis
Latest EOS News
- According to reports from IMEOS, the CEO of EOS–Brendan Blumer said Block One is set to unveil series of dApps shortly after the conclusion of Blockchain Live scheduled for Sep 26. During the Block One sponsored event, several high profile dApps with application in finance, music and transportation will be revealed to the public.
- Bancor, the Ethereum based DEX that allows users to trade their ERC-20 tokens without exchanges, plans to port the same capabilities in EOS. The project, BancorX will also allow traders to exchange EOS with Ethereum tokens. Citing speeds and low cost in the EOSIO blockchain, BancorX will act as a cross chain liquidity pool whose smart contracts would be open source and available for testing in beta.
EOS Price Prediction
Often after periods of extreme volatility as we saw on Sep 17, prices tend to recoil, fading the break out direction before towing back in line just like what happened yesterday. As visible, prices are moving within tight ranges but most importantly, EOS is stable and up three percent but needless to say, our last sell break out is still valid.
It also means our previous EOS price analysis are now null as sellers set their eyes on breaching $4.5 and $4 in coming days. With this, we recommend exiting our previous EOS longs and trading along with the high volume bearish engulfing candlestick and that beckons taking shorts when there is a worthy sell signal preferably in lower time frames.
At the moment, we don’t have such signals and therefore we recommend taking a neutral position until after there are strong losses below $4.5 and $4.
On the flip side, if buyers build on yesterday’s gain edging prices above $5.5, then EOS might as well recover towards $7.
Litecoin Price Analysis
Latest Litecoin News
- A recent blog-post by Tushar Jain, the MD of crypto hedge fund Multicoin Capital, not only refers Litecoin as a “pre-smart contract relic” but said it is “significantly over-valued”. And with that the fund is short Litecoin even at current valuation. His arguments revolve around the fact that Litecoin listing came at a time when the founder, Charlie Lee worked at CoinBase. Besides, the only thing that’s propping its price is “outdated narratives”. He went on to say the only reason Charlie Lee went on to create Litecoin was his need of mining an altcoin profitably without investing in mining gear and his LTC dump early this year is but a massive red flag.
Litecoin Price Prediction
At current prices, Litecoin is stable and encouragingly, Litecoin prices are trending above $50, our main support line.
To sync with our prior Litecoin price analysis, we need bears to either close below $50 before initiating shorts with targets at $30 in the direction set by Sep 5 and confirmed by Sep 17.
Otherwise, a revival that drives LTC prices above $65 and towards $70 would no doubt form the building blocks reversing this eight-month strong bear trend.
Stellar Lumens Price Analysis
Like previous Stellar trade plans, prices are oscillating within tight trading ranges with clear bull caps at 25 cents.
That’s despite yesterday’s four percent gain in the last day. To reiterate, the only time traders should initiate trades are when XLM prices dip below 18 cents-20 cents support zone or when they do explode above 25 cents triggering Stellar Lumens buy trades on every pull back.
Immediate targets in either case would be at 8 cents on the down side and 50 cents on the upside.
Cardano Price Analysis
Latest Cardano News
- Development in “theoretical” Cardano is slow. However, the thing is, once the development team implements all their ideas, ADA might sky rocket and even usurp as a go to smart contracting platform. At the moment though, all eyes are on Shelly.
Cardano Price Prediction
Sep 17 candlestick did confirm our overall Cardano trade plan. As visible from the charts, not only are prices trading below 7 cents but yesterday’s failure to recoup earlier losses means ADA bulls are weak though they are up five percent in the last day.
Going forward, we suggest taking shorts on every high in lower time frames as per our previous recommendation. Fitting stops will be at 8 cents and with no bear targets as we let the trade run.
Any spike above 8 cents automatically cancels this Cardano price projection ushering in bulls.
Monero Price Analysis
Monero is finding support right at the support trend line and is yet to break and close below $100. Backing our bearish projection is clear price depreciation in the last couple of months. So far, recent Sep 17 high volume candlestick rejecting gains above $120 cements this view.
This move confirms the sell pressure evident in Sep 5 candlestick. After all, Sep 5 bar is another reversal pattern and a hint of the underlying trend.
Though yesterday was a tad bit bullish with influx of buy positions, we remain skeptical of Monero longs. That’s until after there are surges above Sep 15 highs at $120. Thereafter, we can cancel our bear projection and encourage risk off buys on dips with first targets at $150.
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.