There is an all-round depreciation of altcoins. With Litecoin reversing yesterday’s gains, we are rooting for a retest of $90. However, that’s not the only coin under our preview. Stellar Lumens might follow Litecoin route and shed further with possible bear stops at $0.07 while NEO may inch towards $40 and then $25. Despite being in an ICO, EOS value might fall to $4 in the short to medium term if we base our projections on altcoins technical analysis.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
Following Litecoin in the loss list is Stellar Lumens and despite decent gains in the past couple of days, the 12% loss in the last 24 hours is deterrence for longs. In fact, with our stops hit, we can wait until a stochastic buy signal forms maybe when prices test $0.15.
From the 4HR chart, it’s obvious that buyers are finding strong resistance at the main resistance trend line if those strong sell candlestick forming right at $0.25 or thereabout.
At this rate of depreciation, sellers can aim for $0.17 and $0.15 because from our Stellar Lumens analysis, those are our key and immediate support lines.
After all, this is the weekly chart trend and if $0.15 doesn’t hold, then the slide towards $0.07 or August 2017 highs is a real possibility.
On the development frontier, there are some plausible movements. After yesterday’s Ledger Nano S integration, we expect more important milestones to be hit in the medium term.
Community hero announcing Ledger Nano S beta he has been working on for awhile. https://t.co/VHf3sTCkRU
— IOTA (@iotatoken) April 4, 2018
However, when it comes to price, things are taking a turn to the worst. We can as well begin with the reaction at $1.25 and the apparent drop of prices meaning IOTA is back trading below $1 mark.
As it is, this can mean sell pressure is strong. If there is a follow through today then I won’t be surprised with price action hitting $0.90 in the coming days. This level is our short term support with a medium term target of $0.30 being on our cross-hairs.
Even with news that Tesloop shall add Tesla cars to EOS platform, prices are still down.
Watch this in-depth interview of our CEO, Rahul Sonnad, who gives a behind the scenes look into the future of Tesloop and the mobility space. https://t.co/dmxXy2uBbU
Thanks to our new friend and host @augustbradley
— Tesloop (@tesloop) April 3, 2018
Fact is, EOS is down 6%. Even though price action is still trending within March 25 high lows, I think there is more room for a downside.
This gel well with the weekly chart trend. With a stochastic sell signal in place, buyers can exit their longs. Conversely, sellers can and wait for a close below $5.15 before entering this short trade with targets at $4.
It’s no doubt that Litecoin vision is to be a go-to cryptocurrency for merchants. That’s an awesome vision that could benefit investors and recently Charlie Lee reiterated that overall objective.
— Aliant Payments (@AliantPayment) April 3, 2018
Therefore, it is no wonder that over the last couple of days, Abra’s involvement could be directly linked to recent Litecoin gains. After all, Abra is a working application which if it becomes mainstream will undoubtedly increase Litecoin adoption. However, as fast as the flash was, so is the crash.
From our Litecoin technical analysis, data from CoinMarketCap shows that prices are down 13%. In light of this rapid depreciation, our stops at $125 were hit. This meaning bears are right back on track now that buyers couldn’t breach the main resistance trend line in the 4HR chart. With this-and compounded by a stochastic sell signal in place- bears will most likely drive prices towards $90, the main support line in the weekly chart.
News that WinQ is the first DApp on NEO couldn’t jolt prices and sellers are definitely on a roll here. Our stops, from our previous NEO Technical analysis, at $45 will likely be hit.
— QLC Chain (@QLCchain) April 4, 2018
If that’s the case, sellers enter the main bandwagon with immediate targets of $40. If there is a recovery, then I recommend buyers to stay off this trade. Trigger will only happen when prices are trading above $65 or the middle BB in the daily chart.
All charts courtesy of Trading View