Apart from IOTA which on paper seems to be outperforming peers adding 15 percent in the last days, other coins as Tron, Litecoin and Stellar Lumens are up roughly two percent on average. Of all coins though, Stellar Lumens (XLM) is the most stable as they consolidate horizontally along our previous buy trigger line at 22 cents. On the other hand, Litecoin, EOS and Tron prices are still oscillating inside Aug 17 high lows but are likely to follow through and retest immediate resistance lines at $70, $7 and 2.5 cents respectively.
Let’s have a look at these charts:
EOS Technical Analysis
From the News
- Huobi Global resumes EOS withdrawal after earlier suspension citing insufficient CPU resources.
— Huobi (@HuobiGlobal) August 19, 2018
Two days after the conclusion of that three-bar reversal pattern we mentioned in our last EOS trade plan, upsides are unexpectedly limited.
Notice that EOS prices are still consolidating inside Aug 17 bullish engulfing high low but are likely to edge higher this week providing opportunities for short traders to load up positions at $7, our immediate resistance line and previous break out level.
Remember, despite these higher highs, bears are overwhelmingly in charge considering the last two or three months trend.
Litecoin (LTC) Technical Analysis
Even after a three percent addition in the last 24 hours, it’s safe to say that Litecoin is ending the week on a high but still sellers dominate proceedings. At current spot prices, LTC is trading inside Aug 17 high lows providing a perfect opportunity for long traders to add on to their positions with stops at $50 or Aug 14 lows.
In my view, I recommend aggressive traders to take small position longs with stops as suggested while conservatives and risk on traders can wait for rejection of higher highs anywhere between $65 and $70 on the upside. In line with our previous LTC trade plan, sellers are in charge and since price action is trading inside a bear break out pattern set in motion by June 10 bear candlestick and confirmed by Aug 7 break below main support at $70, any form of price resurgence will be treated as retest.
As such, should there be rejection at our immediate resistance line with a bear engulfing pattern printing, then sellers would better sync with price by placing shorts with stops at $70 and first targets below $50.
Stellar Lumens (XLM) Technical Analysis
Though Stellar Lumens is up two percent in the last 24 hours ending the week on the highs, price is still moving horizontally in a consolidation along 22 cents. With this movement, our previous XLM trade position holds true and we shall retain a neutral overview until our trade conditions are met.
This means once prices are above 26 cents, recommend taking longs on dips while any dip below 18 cents-20 cents support line means sellers should sync with trade and initiate trades on pull backs with first targets at 8 cents.
Tron (TRX) Technical Analysis
From the News
- In a bid to further decentralize the coin, Tron has rewarded 121 translators with 171,000 TRXs meaning Tron is now available in 33 different languages.
Like most coins under our review, the trend is overwhelmingly bearish but even in the midst of these bears, there were buy attempts towards the end of last week.
At the moment though, buyers are finding resistance and as common with such revivals, we expect higher highs towards our first resistance level at 2.5 cents.
However, should sellers overcome these buyers and push prices below Aug 14 pin bar lows at 1.5 cents, this short-term pull-backs and buy attempts would be null.
Accordingly, we shall recommend selling at the close of that break out candlestick and maintain targets of our last Tron trade plan.
IOTA (IOT) Technical Analysis
Statistics indicate that IOTA is up 15 percent in the last 24 hours at the time of press. However, another glance in the chart and it’s easy to see that price movements are limited to say the least.
Not only are IOTA prices moving inside Aug 17 bullish candlestick high lows but yesterday’s bulls did fail to clear recent highs at 60 cents. In any case, our position is bearish and for buyers to cement their intention then we must see high volume gains above 70 cents.
If not and sellers continue to clip bullish momentum reversing the last four-five days gains then we shall sync with the main trend and sell after the asserting candlestick with first targets at 30 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.