Even as bears fatten, there is some good news for Stellar Lumens holders. It is now the fifth largest coin by market capitalization and the most stable coin in the last week shedding 13 percent. This is definitely a huge boost for coin holders and as more mainstream companies eye the efficient platform, we might see price rejuvenation above key resistance points helping drag other coins as Litecoin, IOTA and even TRX which is literally heading towards its ATLs.
Let’s have a look at these charts:
EOS Technical Analysis
From the News
- As bears step up, EOS stepped down and is now the sixth largest coin by market cap thanks to Stellar Lumens resilience. That’s another XLM flip happening in less than two months.
Technical Analysis
By sinking 40 percent week over week, EOS is now trading at $4.3 and 30 cents away from our main support line. Now when we refer to our last EOS analysis, it doesn’t really make sense for sellers to unload at current prices because of the unfavorable risk reward ratio.
Remember, our main bear target lies at $4 which instead doubles up as 2018 lows. Instead, the best approach today as far as price action is concerned is to take a neutral approach and wait for reactions at $4. After wards, any form of reaction or slice through would advice our price analysis tomorrow.
Litecoin (LTC) Technical Analysis
From the News
- Crypterium is the latest wallet in the sphere that allows users to send crypto as Litecoin (LTC) to others as long as they have a phone. It doesn’t matter if they have internet or not, they can receive coins through SMS. It’s interesting and should you want to try out, all you have to do is fill out a KYC form, get approval and you are in business.
Technical Analysis
While Litecoin is down 10 percent in the last day, we should also notice that there were remarkably high volume accompanying that decline after prices stalled from Aug 11 to 13. Besides, we have a long lower wick indicating rejection of lower lows right at our second bear target at $50.
Judging from our last Litecoin (LTC) trade plan, this level of support not only is important for LTC but marks the bottom of last year’s rally meaning most of last year’s gains have been reversed.
So, instead of shorting at bottoms, I suggest locking in some prices and watching price. Any high volume break below $50 and the next logical support line is $30.
Stellar Lumens (XLM) Technical Analysis
From the News
- In a timely move, Digital Asset Custody Company (DACC) now supports Stellar Lumens (XLM). Would this help propel XLM towards the top 3 and replace XRP? After all, XRP and XLM have the same founder (Jed Mac Caleb) and transacting through both medium is cheap and extremely efficient.
- Thanks to declines in EOS, Stellar Lumens is now the fifth most valuable coin in the world with a market cap of $3.96 billion at the time of press.
Technical Analysis
Surprisingly, it’s Bitcoin not Stellar Lumens that is stable in the top ten. Fact is, it’s down six percent and now trading below 22 cents but since we are trading according to our well laid out Stellar Lumens (XLM) trade plan, we shall take a neutral approach until after we see depreciation below 18 cents-20 cents zone or up thrusts above 26 cents of Aug 4 highs.
To cap that break out, the trend setting candlestick should be accompanied by high trading volumes and wide trade range indicating market participation. For now, let’s take a neutral approach but risk off traders can take small positions of shorts with stops at yesterday’s highs at 22 cents with first targets at 15 cents.
Tron (TRX) Technical Analysis
From the News
- Ledger Blue now supports Tron (TRX). However, you will access your coins at the hard wallet via Tron Scan.
Technical Analysis
The drain plug is off and as the market shake out speculators wiping $3.5 billion in market cap after peaking in May, real coin believers are still holding on.
TRX is trading at around 1.5 cents and our trade plan is still live and while we recommend shorting at current prices, shifting stops to yesterday’s highs at 2 cents is safe.
If this stop is hit and tomorrow edge up higher, then we shall recommend exiting these shorts and entering temporary longs with stops at yesterday’s lows.
On the flip side, if none of that happens, then we suggest locking in some profits and aiming for Jan 24 lows or TRX ATLs.
IOTA (IOT) Technical Analysis
From the News
- Pac-Man-on-Wheels, Distributed Dingsbums Finder and MaaS are some innovative IOTA user case applications. All these technologies utilize the Tangle blockchain as they advocate IOTA’s IoT objective especially in the automotive sector.
Technical Analysis
At current prices, IOTA is just 10 cents away from our bear targets but while it seems perfect to short, I recommend staying off this trade. This applies mostly for those who are net short.
Those who don’t have short positions and minting should wait for prices to hit our second bear target and there after trade in the direction of the new trend.
We shall only rethink our projection if there are high volume rejections of lower lows with spikes above 55 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.
