Monero Price Analysis: XMR Collapses ahead of Update, Litecoin to be relisted at CEX.IO
Besides Tron which is up 13 percent in the last week, most altcoins are in consolidation and in loss making territory. Most notably are deep losses in Stellar Lumens which despite announcement from BitGo continue to register reds. Following suit is Monero which is bearish in line with our previous Monero price analysis. Overly, we remain cautiously optimistic and the only trigger will be sharp moves above key resistance trend line that shall invite risk-averse and conservative type of traders.
Let’s have a look at these charts:
EOS Price Analysis
Block One, the publisher of EOS and the benefactor of the $4 billion worth of ETH following a year-long crowd funding is not short of controversy. After recent revelation of corruption, collusion and existence of voting cartels, Block One is on the offensive.
B1 issued a statement about the state of EOS Block Producer elections once again stating they may vote to swing potential BP collusion and cartel dealings. With 100 million votes, they could sway the election massively. But will they? https://t.co/JxvsFov1wV
— Ben Sigman (@bensig) October 1, 2018
Well, it shall use part of their 100 million EOS to combat cartels and restore confidence to network users. While the initiative is grand as there shall be restoration of governance and security, the fact that Block One plans to use their majority ownership to tackle collusion squeezing out democracy.
Price wise and EOS prices are relatively stable and oscillating around last week’s highs. It’s down roughly three percent complementing Oct 6 losses. Though bearish, it’s trading above the minor support trend line. From our previous EOS trade plan, our buy or sell entries depend on the strength of gains above $7 or drops towards $4.
The latter is an important support line and a sell trigger line. But, today, we recommend taking a neutral position. However, any close below the minor support trend line and aggressive sellers can load up small lot sizes with first targets at $4. Ideal stops should be at $6.
Litecoin Price Analysis
CEX.io, the UK crypto exchange platform, plans to reintroduce LTC in the near future. The exchange serves most countries across the globe allowing for fast and easy exchange between crypto and fiat but by adding LTC, their customer base will surely increase.
Are you ready for the new market on https://t.co/OPoleqNuJO?
We have awesome news. Litecoin will be listed on https://t.co/OPoleqNuJO! Soon, you’ll be able to trade LTC/BTC and LTC/USD on https://t.co/OPoleqNuJO. https://t.co/GoEvKADgt0— CEX.IO (@cex_io) October 2, 2018
Unlike before, the new CEX.IO infrastructure incorporates multi-sig wallets besides efficiency increment thanks to operations streamlining. Overly, this will bolster security and liquidity of the seventh most liquid coin in the sphere.
Even if there is expectation of bulls, Litecoin prices are ranging and down six percent in the last week. Regardless of how prices print out, we recommend a bullish stand. Consequently, we shall recommend buying on dips in lower time frames as long as our stops are not hit.
From our last Litecoin trade plan, stops were at $55. But, should sellers step up nullifying this stand, we shall revert back to neutral. However, strong moves clearing $70 shall trigger a stream of buyers eyeing $90 and later $110.
Stellar Lumens Price Analysis
BitGo, a blockchain custodial service company, now offers support for Stellar Lumens and DASH. The company says it processes more than $15 billion worth of BTC transaction per month. As such, the addition of XLM is a step in the right direction as the platform strives to create a frictionless service with a global reach.
At the back of strong surges at the end of week ending Sep 23, it was only expected for prices to retrace in a revaluation process. It did and Stellar Lumens prices are now six percent down from week ending Oct 1 highs. Going forward, our trade position remains the same and as long as prices are trading inside a bull flag, Stellar Lumens bulls stand a chance.
Moving on, short term thrust above 25 cents reignite bull pressure while losses below $20 cents nullify our long position. Therefore, in the face of this ranging market, the best stand is to take a neutral position and wait for a break out in either direction.
Cardano Price Analysis
Thing is ADA, like most altcoins, if facing resistance for upsides and is down three percent in the last week. As a result, ADA is trading below our main resistance at 9.5 cents but above the main support line at 7 cents.
Because of this, our previous ADA price forecast is valid and we recommend taking a neutral position. It’s easy to see why. During the weekend, the reaction from the resistance trend line was noteworthy and as price move inside a range, patience is the best trade plan.
Monero Price Analysis
Despite bears, Monero traders are expectant of sharp moves in the coming week.
PSA: Twice per year, the Monero network performs routine upgrades (through a non-contentious "hard fork"). The next upgrade will occur around 18 Oct 2018. Upgrade your software to v0.13.0.0 to stay compatible and enjoy all the benefits of bulletproofs, fixed ringsizes, and more!
— mitchellpkt (@Mitchellpkt0) October 4, 2018
This is all thanks to updates that will make the network ASIC mining resistance while incorporating bullet proofs. Bullet proofs is the equivalent of SegWit for Monero because it reduces fee and transaction size. Meanwhile, reduction of minimum ring size to 11 tags with it more privacy.
By dropping two percent in the last day, our Monero trade plan is valid as sellers re-assert themselves. Notice that at $110, XMR is trading below the main support trend line triggering sellers.
Unless otherwise there are sharp gains, we suggest taking short positions on every pullback with stops at $120. First target is at $100—a psychological level and later $70. On the flip side, surges above $120 cancel this trade position and open doors for bull traders aiming for $150.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
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by Dalmas Ngetich on October 08, 2018 at 06:30AM