XLM/USD, ADA/USD Gains Setting Pace for Inevitable Altcoin Price Recovery
Even with ball park +75 percent losses from 2017 highs, the altcoin market is ripe for a reversal as XLM/USD and ADA/USD reject lower lows. Meanwhile, EOS/USD and LTC/USD are near important support levels and today could determine short term price trajectory.
Let’s have a look at these charts:
EOS/USD Price Analysis
Back to back losses mean none of our trade conditions are live. However, a glance at the chart indicate that sellers are in charge and could drive prices below $5 triggering aggressive sellers into action aiming at $4. Anyhow, from previous EOS/USD trade plans we shall maintain a neutral stand until prices either surge above $7 or below $5 or $4—for conservative traders.
Related: EOS Centralization Reportedly in Action: Arbitrators Able to Reverse Transactions
In any case first targets would be $9 should prices rally or $1.5 if prices drop below our main support line. But in the meantime, we suggest taking a wait-and-see approach as prices accumulate within a $3 range after dropping +80 percent from 2017 highs, many are rooting for bulls although a contrarian move could wipe out gains as EOS/USD meltdown continue.
LTC/USD Price Analysis
Even with stellar fundamentals and fitting candlestick formation that points to sparkling LTC/USD stars, bulls are struggling against relentless sellers. After reversing gains and bouncing off from the main resistance trend line on Nov 7, we could end up seeing a whole candlestick print below $50.
When that happens, then we shall trade in line with previous LTC/USD trade plans selling on every pull back with stops at the highs of the breakout bar. First targets would be at $30. If not and bulls enter the fray rejecting lower lows then we could recommend patience until after we see solid gains above $60.
XLM/USD Price Analysis
A bright spot in the crypto verse has to be morale boosting developments at Stellar. Months after announcement of interstellar—a DEX that runs on the Stellar blockchain, they did announce the pre-release implementation of bullet proofs which is five times faster than Monero’s and executed entirely on Rust via Ristretto group. Rust is a safe but robust programming language with strong privacy features preventing accidental sharing of mutable data while eliminating memory-safety bugs.
Also Read: EOS Price Analysis: Charlie Lee Positive on LN as Monero Prepares for a Hard Fork
No doubt, Stellar Lumens is this week’s top performer adding 16 percent in the last week and seven in the last day solidifying our last XLM/USD trade plans. Everything else constant, the market is reacting to technical developments at Stellar. Therefore, we suggest buying XLM/USD at spot with stops at 25 cents aware that breaks above 30 cents could ignite a wave of buy pressure targeting 50 cents.
TRX/USD Price Analysis
Aside from increasing on-chain transactions, investors in Turkey can now buy TRX/TRY at Koineks.
If anything, TRX/USD is at the precipice as price action retests the three month support trend line of the bear flag. Though the path of least resistance appears to be southwards, short term trend will depend on how today close now that there appears to be demand in lower time frames.
If today end up higher we shall have a three-bar reversal pattern and aggressive traders should buy on dips with stops at 2.2 cents and first targets at 3 cents. On the reverse side high-volume losses could trigger a meltdown below Oct lows at 2 cents and with first bear targets at 1.5 cents.
ADA/USD Price Analysis
The failure of sellers to add to their losses reversing Nov 4 gains mean our bull breakout pattern is now valid. In fact, ADA/USD is up one percent in the last day and up six percent on a weekly basis. A look at the daily chart confirms our last ADA/USD trade plan.
In a classic breakout pattern, we suggest buying on dips or at spot with stops at $7.3 cents with first targets at 9.5 cents. Once there are convincing gains above Oct highs—a mid-range resistance, then conservative traders can begin ramping up with modest targets at 12 cents.
All Charts Courtesy of Trading View
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 November 12, 2018 at 07:30AM