IOTA Price Analysis: Tron React to Partnership News as Gemini Supports Litecoin
Overly, bears are in control. Despite the recoveries especially in Tron, Litecoin and EOS, sellers should be actively unloading at spot rate. Tron prices are buoyant because of Justin Sun shills but could crash if the said partnership doesn’t meet the community’s expectations. Furthermore, there are news of Gemini accepting Litecoin deposits beginning today. This is positive for price. Even if trading begins three days later, it could inject extra liquidity from investors keen on regulation and insurance.
Let’s have a look at these charts:
EOS Price Analysis
Often, the market tends to slow down and even reprice after periods of high volatility. That was the case yesterday. EOS did retrace, slowing down and shedding two percent in the last day. Though this is positive for bulls, it is a wonderful opportunity for traders to unpack EOS at spot prices as they expect a break below main support at $4.
This is highly likely because Oct 11 rapid losses did invite sellers completing a bear break out trade. Therefore, in line with previous EOS trade plan, the best approach to trade this coin is to wait for conclusive breaks and close $4.
Ideally, what we would like to see is a whole bear bar printing below $4. Once this executes, then sellers can load on pull backs with first targets at $1.5. Safe stops would be just above $4 or the support breaking bar highs.
Litecoin Price Analysis
We are pleased to announce that @litecoin (LTC) is now available on Gemini! Starting tomorrow, we will begin accepting Litecoin deposits, and trading will open across all currency pairs on Tuesday. For more information, please visit our blog on @Medium https://t.co/it5xuF9Hr5
— Gemini (@GeminiTrust) October 12, 2018
The bounce off $50 has been spectacular but syncs well with the bearish tune set in motion by Oct 11 high volume bear bar. Moving on, risk off traders who wish to get in at better prices can unload at spot rates with ideal stops at $55 or Oct 11 highs.
However, from our previous recommendation and awareness of the volume behind the bearish engulfing pattern, we suggest patience. This mean once there is a Litecoin meltdown driving prices below $50 and a whole bar prints at that level then risk-averse traders can participate.
It’s not hard to see why this is necessary. A break and close below main support confirm a breakout from the two-month consolidation which begun in early Aug. Besides, it signals the third phase of a bear break out trade, the trend continuation phase with first targets at $25.
Stellar Lumens Price Analysis
The conspicuous dark cloud cover of Oct 10 and 11 is clear and are clear pointers of trend direction. Although we recommend patience until after there are movements below 2018 lows at 20 cents, the pull back is an opportunity.
In every high that print, XLM aggressive traders can unload at spot with stops at around 25 cents. This is in direct response to earlier losses and the sharp shift of momentum invalidating last week’s bullish sentiments.
Nonetheless, risk-on, high volume traders should sell once prices drop below 20 cents as per our previous Stellar Lumens price analysis.
Tron Price Analysis
From Project Atlas that promises to create this hybrid content sharing platform between BitTorrent and Tron to updates of Tron mainnet and claims by Justin Sun that it will beat Ethereum and EOS in speed and cost, the community has been bombarded by shill.
Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name
#TRON #TRX $TRX
— Justin Sun (@justinsuntron) October 12, 2018
But, a single tweet from the platform founder claiming that it shall partner with a “tens of billions USD valuation industry giant” did support TRX prices. As always, speculation is rife but Alibaba is out because it’s a “hundreds of billions USD Valuation Industry giant”. Needless to say, should Tron on-board any of an industry giant then it’s price shall probably recover reversing Oct 11 losses in the process.
On the chart, TRX is a top performer no doubt. So far, buyers are vibrant, pushing higher reversing more than 70 percent of previous day’s losses. Anyhow, our last TRX trade plan is valid.
In fact, we suggest selling at spot prices with a tight stop at around 2.5 cents and first targets at 1.5 cents and later Jan 24 lows.
But, the conservatives should adhere to previous trade plan and wait for liquidation below 1.6 cents or Sep 2018 lows before trading in line with the trend. Conversely, sharp gains above 3 cents cancel this bear projection and automatically trigger buys.
IOTA Price Analysis
The damage of Oct 11 led to a bear break out below Sep 2018 lows. As a result, our last bullish stand did end following the break and secondly, sellers are now in control.
From our earlier reiterations, this pull back is ideal for buyers to sell at spot rates while risk-averse type of traders can sell once there are drops below 40 cents. Aggressive traders should target 30 cents as their first targets.
On the flip side, if buyers build enough momentum and drive prices above 60 cents then this bear projection would be null and void.
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 October 13, 2018 at 07:30AM