Altcoins Price Analysis: Bulls are back as Stellar Lumens add $300 million
Altcoins bulls are back and as Stellar Lumens—up 7.5 percent and IOTA—up three percent in the last day lead the rest of the market, it’s likely that our bull traders will go live today. As such, we recommend traders to search for under-valuations in lower time frames.
Let’s have a look at these charts:
EOS Price Analysis
Still daily movements are tight and EOS bulls are struggling to follow through Oct 15 rapid gains. As a result, EOS is stagnating, oscillating within tight trade ranges in lower time frames while prices are literally unchanged.
Because of this, our last EOS price analysis is valid and before there are gains above $7 or below our main support at $4.5-$4, we shall maintain a neutral stand. After all, from a risk-reward point of view, it doesn’t make sense to commit more risk than what you stand to gain more so if prices fail to breach and close above the main resistance and buy trigger line at $7.
In the meantime, the countering moves of Oct 11 and 15 mean there is a race for dominance between buyers and sellers. Odds are buyers might overcome sellers who have been in control for the last nine months safe the brief recoveries of April and early May.
Litecoin Price Analysis
Losses in the last day were low with LTC shedding roughly three percent. However, in the last week, it is down seven percent following the failure of buyers to follow through, confirming Oct 15 gains in the process.
Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I've been on a mission to get LTC added to exchanges to help increase liquidity.
With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin. Mission accomplished!
pic.twitter.com/6jvSyvsKdm
— Charlie Lee [LTC
] (@SatoshiLite) October 16, 2018
While this consolidation print, Charlie Lee mission of pitching Litecoin to exchanges and getting it listed has been successful according to his latest tweet. Listing spurs participation deepening liquidity which in turn stabilizes prices taming volatility as a result.
On the charts, prices are within Oct 15 high low and trading within a $3 range with caps at $55. While prices are trending inside Oct 15 high low—which is positive especially if we factor the level of market participation, our last Litecoin trade plan is solid.
As such, despite the slow-down, risk-off traders can begin packing Litecoin in lower time frames with stops at $50 and first targets at $70. Should momentum surpass expectations and LTC rally above $70 then odds are bulls might retest $90 and $110 before the end of the year.
Stellar Lumens Price Analysis
Leading the recovery is Stellar Lumens which is up eight percent in the last day. What’s more—prices are now above 25 cents triggering aggressive bulls aiming for 30 cents as buyers bid to build on the foundation set by Oct 15 bulls.
All things constant, our last Stellar Lumens price analysis is valid and as such we recommend entry at spot with stops at Oct 16 lows at around 22 cents.
Tron Price Analysis
In less than four months, Tron mainnet account creation exceeds 500K according to a recent tweet by Justin Sun. Most notably though is the realization that Tron is on-boarding more than 100K accounts every week as they keep up dislodging EOS at the top.
As of October 17th, 19:00(SGT), #TRON mainnet accounts surpassed 500K, the growth speed remains 100K per month, since TRON mainnet was launched less than four months. Go #TRON. #TRX $TRX pic.twitter.com/3M5AmrXENI
— Justin Sun (@justinsuntron) October 17, 2018
Aside from this, the yet to be confirmed partnership between Tron and Baidu is nothing more than Tron buying cloud computing resources from Baidu because both parties “The two parties have made no contact at the blockchain business level”. This is according to reports by ODaily via CNLedger translations.
1/ ODaily: The 'partnership' between Baidu and Tron is basically about Tron buying cloud computing resources from Baidu. "The two parties have made no contact at the blockchain business level".
Source(CN): https://t.co/GXu0KsbtGX
— cnLedger (@cnLedger) October 15, 2018
Tron will build, operate and debug blockchain products based on Baidu Cloud in order to ensure compatibility and optimize development experience.
Price-wise and TRX is stable and trading inside Oct 15 high lows. Although this tight range has been the case in the last three days, it’s likely that bulls are building momentum in lower time frames meaning our last Tron price analysis is valid.
In line with our trade recommendations, we suggest traders to initiate buys once we see rallies above Sep highs at around 2.8 cents. Before that happens, we shall retain a neutral approach away that dips below 2 cents effectively invalidates this price projection.
Needless to say and as per our iterations, risk-averse traders should begin loading up once there are conclusive break outs above 3 cents, our main resistance level. First targets would be 4 cents and later 6 cents.
IOTA Price Analysis
As they gear towards creating their own decentralized product, IAMPASS will make use of IOTA’s Tangle, the IOTA Foundation has revealed.
Using biometric technology, #IAMPASS technology scans the structure of the veins inside a person’s hands to create a unique identity for each user, enabling easy authentication & verification. The technology offers an advanced solution for generating immutable audit trails. #IOTA pic.twitter.com/HdOv0BcDDw
— IOTA News (@iotatokennews) October 17, 2018
IAMPASS uses palm vein pattern for their biometric identification at restricted areas as Airports and corporations. Once their proof of concept goes live, it will allow portability of these biometric devices which will be a convenient move away from the current immovable identification gadgets.
In the last day, IOTA is up three percent and looks likely to edge higher today. Though there is this confinement, the zone between 48 cents and 50 cents is more like a launching pad for bulls and we might see prices rallying above 55 cents and 60 cents triggering both set of traders.
From this configuration, our last IOTA trade plan is valid and we suggest patience until our trading conditions are met. First bull target is at 90 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.
The post Altcoins Price Analysis: Bulls are back as Stellar Lumens add $300 million appeared first on NewsBTC.
by Dalmas Ngetich on October 18, 2018 at 07:30AM