In the last 24 hours, gains have been modest to say the least and still IOTA is the top performer after adding three percent. This way, its market cap stands at $5.86 billion. In my view, IOTA is a coin to watch. On the other side of the spectrum, Stellar Lumens led the erosion as it is down three percent with EOS following close behind.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
Other than Ripple, Stellar Lumens is amongst the biggest loser sliding three percent and printing 36 cents in last 24 hours. I remain stead fast and my approach is simple. Even though it’s obvious that buyers-across the board by the way-are in charge, bull pressure is waning.
It is because of this that I expect sellers to drive prices towards key support lines at 30 cents or until a stochastic buy signal prints in the 4 HR chart. Before then, any surge below 35 cents is inviting for sellers who should instead aim for 30 cents or there about.
By now, you should have your first IOTA newsletter assuming you subscribed to IOTA’s news website. Other than that, prices are generally stable following that Hannover Messe “pitch” where Fujitsu and a couple of other IoT supporters were presenting.
So far we have 5 of the world’s biggest brands as Deutsche Telkom, Bosch, DXC, and possibly Nestle in the IOTA camp. There are more to follow and that is why in the long-term, IOTA is a bullish. Let’s also not forget about CarrIOTA amazing 1.2Txs/H through put that would help suppose adoption spikes.
Apparently, every IOTA lower low is another loading zone and so far, prices are above $2 which is quite impressive. In my view and considering the waning buy pressure, a pull back below the middle BB in the 4HR chart towards $1.80 would be perfect for buyers.
In that case, I recommend not fading the current trend but rather remaining neutral until a stochastic buy signal prints or there are strong bullish candlestick forming at our key support lines.
Regardless of bumps, the ride up has been awesome. For all we know, we can attribute the spike in cryptocurrency market cap-it’s now at $396 billion to the current appreciation of EOS and of course Bitcoin which is still king.
Anyhow, recent development is that BitFinex is presenting itself as a potential EOS BP. As such, there will be EOSFinex, a DEX platform guaranteeing peed, high performance and scalability in mind. It will also be the first DEX to launch on the EOSIO blockchain.
— Krezus (@KralKrezus) April 23, 2018
If you also missed EOSDAC air drop, MEET is on the way and you should register before June 1, 2018.
Price wise, it’s not rocket science to see that distribution and selling pressure at $12. As visible from the chart, prices have been in consolidation mode in the last 24 hours with EOS shedding two percent in the process.
This is what I was expecting. So, until strong buy momentum build up, I shall be net bearish and expect potential reversals to happen ideally between $8 and $9.5. However, if prices surge past $12, we can cancel this short term correction.
As much as Litecoin is outside the top 5 spot, I believe it shall recover and claim its initial position assuming EOSIO launch is a disappointment. After all, rumors are rife that EOS will after all launch its software and not a platform as many are expecting.
Now will EOS have to counter claims that it’s a useless token? Well, we shall wait and see as price action is the mirror that prints all. At the moment, Litecoin needs to build up its consumer adoption because as we have seen merchant adoption is not a problem.
From the charts and April 21 highs is still a perch that buyers are angling for. In my view, I will still maintain my short-term correction and retest of $140 especially if prices fail to move higher today.
All we need is a strong bearish candlestick pushing prices below the middle BB in our entry chart and Litecoin is likely to drop $140. It’s from there when buyers can find a spring board and race towards $180, our ideal bull target.
The NEO blockchain explorer and light wallet from NewEcono Labs is now live. However, this seems to be of little help to prices as they continue to find liquidation at around $80.
Our NEO blockchain explorer https://t.co/OnivsImqwq and light wallet https://t.co/y1ckMAKWLe go live. And our light wallet will integrate our NNS service on the testnet soon. pic.twitter.com/ebLF1xNevb
— NewEconoLabs (@NewEconoLab) April 23, 2018
Remember, from our previous NEO technical analysis, our main resistance line is at $80 and until enough buy momentum builds up, prices should correct towards $60.
This will be so especially if bears push prices below $70 and April 21 lows in the coming session. Because of this decreasing buy momentum, I’m neutral until a stochastic buy signal prints or there are reaction at our key support levels between $60 and $65.