Judging from the way candlesticks are arranged, altcoins appear to be bottoming gaining on average six percent in the last week. Propelling this recovery is the revival of Bitcoin prices which is up nine percent in the last week and on chain developments that drew demand in Tron and IOTA. Stellar Lumens on the other hand is shaky oscillating inside a descending wedge with 25 cents capping gains.
Let’s have a look at these charts:
EOS Price Analysis
From the News
- Dan Larimer’s dApp and smart contracting platform continues to outperform. Recently, during the Blockchain World conference at San Jose, California, the platform was declared the best blockchain platform of the year. This comes only weeks after Chinese CCID named it the best blockchain platform of the month for the fourth consecutive month.
Though there was a slight dip in momentum visible from yesterday’s price action, EOS bulls continue to dominate adding 33 percent in the last week alone.
While risk-on traders can pick up longs on dips in lower time frame as they sync with the general bull pressure, we recommend patience until after there is a conclusive close above $7, our immediate resistance line in line with our last EOS trade plan.
Stops should be at Aug 17 highs at $5.5 with first targets at $9, the upper limit of our last trade range.
Litecoin (LTC) Price Analysis
A 17 percent gain in the last week means LTC is higher cementing our bullish stance. What’s important though is the way price action is set up and a stand out in that case is Sep 1 bullish candlestick a technical confirmation of Aug 17 bullish candlestick and a trigger of our long expectations.
While our short term longs with previous stops at $55 and targets at $70 are active, conservative traders should wait until after there are clear developments on whether recent higher highs are a retest of $70 or a new wave of bulls reversing the last eight month bear pressure.
The latter is true especially if this week end bullish closing above $80 or $90 on the upside.
Stellar Lumens (XLM) Price Analysis
After spear heading altcoin reversal in early Aug, Stellar Lumens is shaky to say the least. Currently, prices are still trading within a descending wedge with supports at around 20 cents—our monthly support trend line and 25 cents on the upside capping gains.
Given the recovery in the altcoin markets and most importantly BTC, it likely that there is an undervaluation in the XLM and that’s why we suggest buying once there is a break above 25 cents with targets at 30 cents and later 50 cents.
Canceling this hawkish projection is any move that will breach the monthly support trend line driving prices towards 20 cents and 18 cents in line with our previous XLM analysis.
Tron (TRX) Price Analysis
From the News
- In a bid to trigger community participation, the Tron Foundation has announced a new initiative rewarding users for voting for their Super Representatives.
Technically, odds are TRX might surge in the course of the week. In the weekly chart, there is a nice three bar reversal pattern, the Morning Star and though last five days price action have been ranging, any breach above week ending Aug 12 highs at 3 cents shall be pointers of a bottoming market and a shift of increasing bull momentum. Thanks to last week’s events, we recommend longs with stops at Aug 27 lows at 2.2 cents and first targets at 3 cents and later 4 cents.
IOTA (IOT) Price Analysis
From the News
- Set for launch in 2019, IOTA and Volkswagen are working on a new product, the Digital CarPass. The product will leverage on IOTA’s blockchain for data storage for security and reliability purposes.
Like TRX, IOTA is slowing down but prices are still moving within Aug 27 high low inside a descending triangle meaning our last IOTA trade plan is active. Since the overall momentum is bullish, we suggest taking longs in lower time frames with stops at 60 cents—Aug 17 highs and first targets at 90 cents and later $1.3.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.