Unless otherwise, we expect traders to buy on dips in lower time frames all thanks to yesterday’s attempts of higher highs. Supporting this view are breaks above key resistance lines in Cardano while Tron might print above Sep 2018 highs today.
Let’s have a look at these charts:
EOS Price Analysis
Like most coins in the top 10, EOS volatility is back. However, this time bulls have an upper hand and are up four percent in the last day. Not only are we seeing a situation where buyers might end up reversing last week’s losses but chances are EOS are now bottoming up.
Because of this and that fact that our previous EOS short traders are not valid thanks to yesterday’s price explosions, we recommend taking a neutral stand.
That’s until after buyers build enough momentum and drive prices above Sep highs at around $6.5. It would even be preferable if we see gains above $7 jolting risk-averse traders back to action in line with our last EOS price analysis.
Litecoin Price Analysis
Thanks to yesterdays across rising tides, Litecoin bulls are back. On a daily basis, prices are up four percent and the results are clear. From the chart, there are clear rejections from the main support line at $50. Additionally, momentum is building though LTC is technically bearish.
Besides, note that prices are still trending inside Oct 11 bear bar in a classic effort versus results scenario. Regardless of the pump, our trading plan is clear: LTC bulls would be in charge once prices rally above $70—the lower limit of our resistance zone.
Conversely, bears should be in control in line with the bear break out pattern of early August if a whole bear candlestick print below $50 ushering in bears aiming for $30.
Stellar Lumens Price Analysis
If anything, Stellar Lumens is one of the top performers in the last 24 hours adding a massive five percent. Despite the sharp spikes, prices are yet to close Oct 11 highs. And instead what we do have is a long upper wick signaling bear pressure in lower time frames.
Regardless of the upbeat momentum, we recommend patience until after our Stellar Lumens trading conditions are met. That is, if bulls build enough momentum and drive prices above 25 cents, then buyers should ramp up on dips in lower time frames.
However, declines below 18 cents-20 cents main support would activate the next wave of sellers aiming at 8 cents or below.
Tron Price Analysis
TRX is up five percent in the last day reviving bulls in the process. But, what should be noted though is not the strong resurgence of the last few days but the realization that prices have been ranging within a tight 0.8 cents.
In line with our previous Tron price analysis, we need strong rallies above Sep highs at 2.8 cents. Thereafter, bulls can buy on dips with first targets at 4 cents.
While this is likely to print today because of yesterday’s hype around Tether, savvy traders would be better placed to reap from patience if they wait for clean close above 2.8 cents. Safe stops would be the lows of the break out bar at around 2.3 cents.
Cardano Price Analysis
The rejection of lower lows could have a medium to long term effect on Cardano and ADA prices. Besides, it’s not only stabilizing for prices but for the main wings of Cardano following an open letter by Charles Hoskinson citing performance problems from the Cardano Foundation.
So far, ADA is up three percent. But, as they print higher prices are bouncing off from the main support at 7 cents. Though we expect a follow through today, we suggest traders to take a neutral stand until after there are gains above the minor resistance trend line and later 9.5 cents in line with our last Cardano trade plan. Thereafter, aggressive traders should load on dips in lower time frames as risk-averse traders wait for rallies above 12 cents triggering high volume bulls aiming for 20 cents and later 4o 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.
