EOS, Tron (TRX), Litecoin (LTC), Stellar Lumens (XLM), Cardano (ADA) Price Analysis
After yesterday’s reds, altcoins are facing the sword and as long as sellers are in control, trading within a bear breakout pattern, it is likely that Tron, Monero, EOS, Stellar Lumens and Litecoin would print new 2018 lows retesting early 2017 price tags.
Let’s have a look at these charts:
EOS Price Analysis
Unfortunately for EOS holders, prices are free falling. In the last week alone, EOS is down 25 percent and further worsening the situation is yesterday’s eight percent drop.
Read: Binance Posts Video Demo of Its Decentralized Exchange Featuring Binance Chain
As far as price action is concerned, our last EOS/USD trade plan is valid and as prices trend within a bear breakout pattern with clear resistance at $4 and minor buy triggers as $3.5, it is likely that EOS would fall towards our main support at $1.5 before finding support.
That means another flip may happen as Tether climb up to sixth as the demand for a liquid and reliable stable coin increases.
Litecoin (LTC) Price Analysis
Unlike EOS, Litecoin losses are moderate and though they are down roughly five percent in the last day and week, LTC/USD is trading above Nov lows meaning our previous trade plan is valid. Surprisingly, prices are on the slide while fundamentals point to bulls.
This is a divergence and as long as prices trade above Nov 2018 lows at $25-$30 support zone, bulls have a chance.
If not and there is a high volume break and close below the bullish pin bar of Nov 25, then we might see panic sells that will drive LTC prices back to Q1 ball park levels of $5.
Stellar Lumens (XLM) Price Analysis
Despite our expectations of increasing Stellar Lumens bull momentum, sellers are back–and with a vengeance. Although XLM is still perched at fourth, it is down seven percent in the last day and with increasing volumes—4 million versus 4.2 million average, we expect yesterday’s sell momentum to spill over.
In that case therefore we recommend aggressive traders to fade our previous XLM/USD trade plans, unload at spot and take a wait and see approach observing how prices will react at the 8 cents support.
If by then there would be signs of bulls, then they can load up with first target at previous support now resistance at 15 cents.
Tron (TRX) Price Analysis
On chain transactions is on the rise and while at it the Tron Foundation is on overdrive promoting use of the platform through several incentives as the Accelerator Program and availing different developer suites to fast-track creation and launch of different dApps.
The post EOS, Tron (TRX), Litecoin (LTC), Stellar Lumens (XLM), Cardano (ADA) Price Analysis appeared first on NewsBTC.
by Dalmas Ngetich on December 06, 2018 at 11:18AM
