BUY BITCOIN
The recovery of altcoin prices can be attributed to a combination of technical and fundamental factors. Technically, EOS, Litecoin, Stellar Lumens, Monero and even Cardano are on a downtrend shedding more than 80 percent from 2017 peaks. Most noteworthy is the 96 percent slide in Cardano prices. History has it that recoveries are inevitable after such deep retracements. However, considering the wave of sell pressure and depth of retracement, it will be a while before prices re-test 2017 highs.
Let’s have a look at these charts:
EOS Price Analysis
Bonnum Crypto wallet and FamilyEOS.Org are two initiatives created by a group of Brazilian ambassadors hoping to change lives of normal Venezuelans and similar by using EOSIO. Here, willing participants can donate as low as $1 at FamilyEOS website via the Bonnum wallet.
Divya Agarwalla, the head of Product and SVP at Circle, said the Goldman Sachs backed trading platform plans to incorporate EOS, XLM, OX and Qtum in coming days.
From the charts, EOS prices are up 11 percent in the last week and trading above the minor two month resistance trend line. Though the market is lively, EOS buyers didn’t generate enough momentum to close above $7, a key resistance line and buy trigger. If anything, what we have in the chart is a follow through of Sep 21 gains but with dipping market participation.
A retracement is imminent. As such, ideal buy zone for short term buyers targeting $9 is at $5.5—previous minor resistance line and buy trigger. We recommend patience for conservative traders. Entry execution shall happen once there are solid gains above $7 in line with our previous EOS trade plans.
Litecoin Price Analysis
Seven years of perfection—vulnerability free since launch, $150 million worth of ASIC miners to protect the network, high trading volumes and $200 million worth of transactions on-chain processing complete with LN compatibility supporting that of Bitcoin, summarizes Litecoin success according to Charlie Lee Tweet storm.
He was responding to Tushar Jain and others, whom he accused of deliberately suppressing Litecoin prices. It did work. Shortly after, Litecoin prices shot printing 10 percent gains and adding 10 percent by the close of last week.
Like the rest of the market, Litecoin prices are on an uptrend. Thanks to Sep 21 surges, LTC is now trading above $60. A stand out in this resurgence is how prices did blast through $60 after building momentum from $50, a key support line. Because short term buys, with triggers at $60 and first targets at $70 are live, suitable stops should be at $55—Sep 21 lows.
On a more conservative approach, we recommend high volume buys once there are strong gains and close above $70. This level marks a key resistance line and Sep 2018 highs. Once that happens, bulls should target $90 and later $110.
Stellar Lumens Price Analysis
A 20 percent surge in the last day should trigger the next wave of higher highs. Away from technical candlestick formation, Stellar Lumens’ exposure to liquidity following listing at different exchanges as OKCoin and Circle should support price.
Complementing exchange listings, the coin received a Sharia compliance certificate from the Bahrain Central Bank. This means users in the Gulf State can legally transact using XLM.
Yesterday’s spike in trade volumes did force prices above 25 cents, the upper limit of our trade range, triggering longs. Today, in line with our last Stellar Lumens price analysis, we recommend buying on dips with first targets at 50 cents. Safe stops should be around the 50 percent Fibonacci retracement of yesterday’s bar at around 26 cents.
Our trading is further advised by Sep 21 and 23 bars. Notably, these bars had remarkable high trading volumes. This is no doubt helping price reverse the last eight-month losses.
Cardano Price Analysis
In recent days, Weiss Ratings’ Twitter account managers have been a busy lot. Not only are they controversial coin shillers but while they got a scorning for review on Ethereum, investors who took their calls are up on 30 percent on average. Apparently, XRP, ADA and XLM longs are deep in profitability.
At current prices, ADA prices are trading above 7 cents with high trading volumes signaling entry of buyers. If anything, our last Cardano price predictions are right on course. Because of this, we suggest buying on dips with first targets at 12 cents. This is a key resistance price level in our analysis.
Two things can happen at this price tag:
Since we are trading in a bear break out pattern set in motion by Aug 8 break, any close below 12 cents and we might end up confirming the second phase of break out pattern—the retest. Sellers might flock in at highs deflating buyers.
Alternatively, Cardano bulls might close above 12 cents. If that happens, then the break out pattern–set rolling by Aug 8 high volume bear breakout—would be nullified. In that case, we shall add ADA longs on pull backs with first targets at 20 cents.
Monero Price Analysis
Encouragingly, Monero prices did bounce off the main support trend line with prices now trading above $120 or Sep 15 highs. In light with our last Monero trade conditions, we suggest buying on dips in days to come because of last week’s rapid gains propelled by influx of buy orders.
Any dip in lower time frame provides an opportunity to go long and in that case we suggest ideal stops anywhere between $110 and $120. First targets remain at $150. However any close above that at the back of abnormally high volumes open doors for $180, $200 and lat $300.
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.
