Of all coins under our radar, EOS, Monero and to some extent Litecoin shows some promise. Not only are they shaking off sellers but their week-over-week movements are decent while others as Monero are trading above key resistance levels. In all, there is expectation of bulls mostly due to resurgence of BTC prices and coin specific fundamentals as IBM’s Blockchain Wire World which likely inject bulls on XLM.
Let’s have a look at these charts:
EOS Price Analysis
After a rampant week where EOS ended up racking 33 percent and competing this nice three bar reversal pattern, the morning star in the weekly chart, we now have an opposing three bar bear reversal pattern in the daily chart—the Evening Star.
The result of yesterday’s clip of momentum is a doji candlestick right at resistance level– $7 meaning our conservative longs are yet to go live. Now, while chances are prices might rise as last week’s bull momentum spill over, ideal launch pads would be at $5.5—Aug 17 highs and minor support.
Stakes would be high more so if today end up lower confirming yesterday’s dip of prices. As such it won’t be surprising to see prices test $5.5; the level doubles up as the 38.2 percent Fibonacci retracement level drawn from Aug 14 lows and Sept 2 highs.
Litecoin (LTC) Price Analysis
From the News
Crypto Facilities, the first of the kind trading platform to offer a wide range of perpetual futures market for Litecoin and three other high liquid coins, is live. The service which will offer a Perpetual Futures available for trade throughout the week and backed by real Litecoin is under the oversight of UK’s FCA. While many consider the futures market a liquidity funnel, Tom Lee is skeptical of such investment instruments especially now BTC futures market was an utter failure.
Technical Analysis
Still, Sep 1 high volume bull candlestick holds some significance in our analysis despite the saturation of Short Squeezes. As expected, LTC prices are oscillating within that candlestick’s high low as historical pattern often prove right.
Generally, we remain bullish and therefore risk off traders can begin searching for loading positions more so if there are further pull backs edging towards the $55-$60 region. Then the market would have gained enough momentum for a thrust above $70 cancelling our general bearish stand and triggering conservative longs aiming for gains above $90.
Stellar Lumens (XLM) Price Analysis
From the News
- The new IBM payment solution, Blockchain World Wire is here. Relying on the Stellar platform, IBM says the platform is a new “rail” that simultaneously clears and settles cross border payment almost instantaneously. This is definitely a move to tackle Ripple’s xRapid and both solutions claim the use of XLM would fast-track movement of value, lower transaction costs and most importantly create positive vacuum drawing customers from traditional SWIFT to Stellar.
Technical Analysis
If anything, our previous Stellar Lumens trade plans are more or less the same. Stellar Prices continue to accumulate and plainly put “are all over the place”.
Regardless, XLM is still within the confines of that minor support trend line and 25 cents on the upside. All things constant and as per our last Stellar analysis, we recommend a neutral stand on this coin.
Tron (TRX) Price Analysis
From the News
- Tronix is introducing a new reward calculator for their users.
Technical Analysis
Days after launching the faster, better and superior version of Ethereum Version Machine, the super hyped—TVM, the market is yet assign TRX its proper valuation. Currently, prices are moving horizontally if not tapering but encouragingly, Aug 28 high low confine price movements.
In comparison to most coins, we retain a positive forecast on TRX expecting prices to edge above 3 cents—our immediate resistance level as the bear break out pattern of early Aug is nullified by waves of bulls aiming for 4 cents.
However, should there be a flip and a dip below the lower limit of this bull flag then we might see a resumption of sells towards 1.8 cents or Aug lows.
Monero (XMR) Price Analysis
From the News
- Monero—Bitcoin, well it’s a head scratcher but a buzz in the crypto verse after the Economist recommended it for investment. Monero in recent days has been charting higher jumping from the fringes and replacing heavy weights like IOTA in the top 10. Still, its modus operandi places it as one of those coins that’s likely to be “banned” by governments. The Secret Service are on their case. In any case, it won’t stop privacy centric citizens from using Monero privacy obfuscation feature.
Technical Analysis
A three percent gain in the last day was enough to thrust Monero towards $150, our first level of support. All in all, our analysis anchors on Aug 31 high volume, wide trade range candlestick closing above $100 and reversing Aug losses.
It shows bullish intentions and a new found momentum. This means the trend is up. Consequently, traders should enter at spot prices with stops at $110 and eyes on $150, $300.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
