Litecoin Price Analysis: After +90% Correction, Altcoin Bounce Back Is Inevitable
Aside from fundamentals, altcoin prices are retracing. But, as history shows, this is normal. Overly, we retain a bullish preview thanks to last week’s revival. Needless to say, risk off traders can ramp up at spot prices with targets at immediate resistance.
Let’s have a look at these charts
EOS Price Analysis
Bancor, the DEX exchange, aims to be the first cross-chain liquidity provider. By expanding and launching BancorX at the fast, scalable and free EOSIO blockchain, investors can from now trade EOS and ETH between the two platforms seamlessly.
We are thrilled to announce BancorX, the expansion of the Bancor Protocol to @EOS_io and the first Cross-Blockchain Decentralized Liquidity Network: https://t.co/E54nlUElmG pic.twitter.com/jrDjiE3Y09
— Bancor (@Bancor) September 20, 2018
This is on top of converting EOS tokens to ETH or EOS thanks to the in-built smart contracting capabilities availed by the platform. At the moment, Bancor claims to have processed over $1.5 billion worth of token conversions from the more than 120 Ethereum tokens since launch.
Expectedly, from our previous EOS trade plans, we anticipated pull backs to former resistance support at $5.5. Not only did $5.5 act as bull ceiling when prices dipped on Sep 17 but the failure of Sep 13 bulls to build on it means this level is important in our analysis. All things constant, ideal buy entries—complementing last week’s bulls, is anywhere between $5 and $5.5. Depending on where buy triggers are hit, safe stops should be at $5. First targets remain constant at $9.
Litecoin Price Analysis
From the daily chart, Litecoin prices are down seven percent in the last day. Though prices are technically on an uptrend, these pullbacks should in theory be perfect buy entry points. And they are. Notice that despite the decline and Sep 13 inverted hammer, lower lows are accompanied by light volumes. Furthermore, yesterday had a long lower wick signaling rejection of further depreciation in lower time frames.
In any case, expected supports lie anywhere between $50 on the lower side and $55 on the upper side. Depending on where buyers find support—visible in lower time frames—perfect stops should be $50. This is an important support line in our Litecoin trade plan. On the other hand, conservatives should ramp up buys only when there are strong breakouts above Sep 2018 highs at $70.
Stellar Lumens Price Analysis
A combination of market boosting news as Circle Invest listing, acceptance by UNICEF France and formation of Interstellar are definitely buoying Stellar Lumens prices.
EOS, 0x, Stellar, and Qtum are now available on Circle Invest!
https://t.co/AyfUVPno3v
— Circle Invest (@circleinvest) September 20, 2018
Nonetheless, it’s the remote similarities between Ripple and Stellar that presents a buying opportunity for sector specific traders. Jed McCaleb is the founder of Stellar and one of Ripple core founders. He owns XRP though he did liquidate large chunks in Q2 2018.
A six percent loss in the last 24 hours did prime buyers keen on buying dips. After yesterday, Stellar Lumens sellers retraced towards former resistance now support at 25 cents before snapping back to trend. If anything, we recommend buying at spot prices with stops anywhere between 23 cents—in line with our previous Stellar Lumens price analysis—and 25 cents.
From a top-down approach, perfect entries for conservative traders is around the 30 cents—35 cents level. At those prices, bulls would be trending above the main resistance trend line in the weekly chart. Thereafter, first targets should be at 50 cents in line with our last XLM price forecasts.
Tron Price Analysis
Justin Sun’s marketing skills are exemplary. This time he is urging Ethereum developers to deploy their dApps on the Tron Virtual Machine.
Yes! Please stop deploying d-apps to Ethereum and migrate to #TRON network immediately! We are 100x faster than #ETH and fully compatible with #ethereum. We 100% guarantee better user experience! #TRX $TRX https://t.co/gRCtOC0rIS
— Justin Sun (@justinsuntron) September 24, 2018
Tron, he says, is 100X faster than Ethereum and compatible with its Virtual Machine. That’s aside from TVM and Tron guaranteeing a 100 percent user experience.
Despite the controversy around Tron and TRX, the coin is bullish after printing 14 percent last week. Like the rest of the crypto market, the coin did slow down. But, as long as TRX prices are oscillating within Sep 21 high lows, we shall consider this bullish.
It’s easy to see why. Often in an effort versus result scenario best exemplified by Sep 21 surges and consequent losses, sellers are backed by low volumes. As visible from the chart, the last three days bear soldiers did slide with light bear volumes.
Besides, bears are yet to clear 2 cents. Because of this, we recommend buying at spot prices as projected in previous trade plans with first targets at 3 cents and later 4 cents.
Cardano Price Analysis
Losses have been deep in Cardano. Fact is, before Sep 18 bottoms, ADA prices were down 96 percent from 2017 peaks forcing Weiss Ratings to tweet about several trading opportunities set up by these retracements. Prices have since recovered and thanks to the across the board revival, ADA is rising with the waves.
Even if prices are down five percent in the last day, our bullish projection is valid. Going forward, we recommend loading up at spot rates or on every dip in lower time frames with safe stops at 8 cents.
However, considering the proximity to 12 cents, conservative traders would only load up once there are satisfactory break out or rejection at this resistance level. If there is a rejection, we suggest trading as laid out in our last Cardano trade plan.
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.
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by Dalmas Ngetich on September 25, 2018 at 06:30AM