Days after the Chinese CCID said EOS top the charts on matters technology, applicability and innovation, the Chinese government went ahead and outlawed cryptocurrencies and related business. This caught the market off guard and though there are no wild price swings, we might see lower lows today as investors try to digest on how this would affect their coin holdings. As that happens, EOS, Litecoin, Stellar Lumens and IOTA continue to clip last week’s bullish attempts. Simply put, all coins in the top 10 are in the negative territory reversing Aug 17 gains.
Let’s have a look at the charts:
EOS Technical Analysis
From the News
- Scatter will soon be available in mobile. The extension is a form of EOS wallet that allows users to log in without passwords and easily interact with blockchain based dApps without compromising on the security of their private keys. Besides being a channel for interaction with dApps, users can use the in browser extension to manage their EOS keys and even vote for Block Producers.
Meanwhile @Get_Scatter pic.twitter.com/zKfa64RH9H
— fav (@btsfav) August 20, 2018
By shedding two percent by close of yesterday, EOS price movement and trade plan is pretty much the same.
Not only are we trading inside Aug 17 high lows but prices are now in consolidation and likely to edge lower in the direction of the overall trend.
Because of this, yesterday’s EOS trade plan remains unchanged and we suggest aggressive traders to sell on every high in lower time frames more so if there is a collapse below $4.5.
Litecoin (LTC) Technical Analysis
From the News
- Going forward, Revolut with boast of 2.5 million customers will allow cash backs in any of the 25 fiat currencies it support or in Bitcoin, Litecoin, BCH and ETH. Users in Europe will enjoy a 0.1 percent cash back while those outside Europe will access up-to one percent in cash backs. Crypto cash back is only for those planning to make card purchases, those accessing Revolut premium services, travel insurance and personal concierge or those who make global ATM withdrawals exceeding $775 worth of crypto per month.
How does instant cashback, a personal concierge and a £600 ATM limit sound? Premium customers can now upgrade to Revolut Metal. Hurry though, we only have 10K cards in stock! https://t.co/uExfx7gfgl
— Revolut (@RevolutApp) August 22, 2018
If anything, LTC prices are all over the place despite the clear sell trend. Chances of lower lows remain high but before we suggest trades in that direction, there must be signals from the chart.
For that to happen then we must see LTC sellers closing below $50, our immediate support line and second bear target level.
When that happens, then LTC traders can sync with the trend. In the meantime though, taking a neutral approach until after a clear short to medium term price direction prints will be a superior trade plan.
Stellar Lumens (XLM) Technical Analysis
With every sell candlestick that prints in this time frame, XLM prices edges closer towards our minor support trend line at 20 cents and main sell trigger line—representing 2018 lows at 18 cents.
Currently, Stellar Lumens is down two percent but from a risk on point of view, none of our trade conditions have been met. As laid out in our last Stellar Lumens technical analysis, XLM sellers would be syncing with the main trend once there is a dip below 18 cents.
On the other hand, any close above 26 cents or 30 cents on the upper edge would most probably usher in a wave of buy pressure propelling prices towards 50 cents.
Tron (TRX) Technical Analysis
From the News
- The Tron network just hit another milestone—all 27 super representatives tasked with validating and securing the Tron network are up and running after being selected by the community. This might be a precursor for good things as their TVM will be officially launching in less than seven days from now.
- Just like WhatsApp are planning to launch their own P2P payment system, Tron’s Seedit plan to do the same only that this will be implemented via Twitter allowing users to send or receive TRX.
Despite various user cases and on-chain developments, TRX prices are down five percent in the last day. However, though TRX sellers seems to be in charge, our last trade will hold true because all we need is a push and close above 2.5 cents validating buys and a high volume dip below 1.8 cents cancelling our recent bullish attempts.
If the latter is the case, then in line with our last TRX trade plan, sellers should liquidate on every high with first targets at Jan 24 lows.
IOTA (IOT) Technical Analysis
Our neutrals stand still holds true for this coin and while prices continue oscillating within Aug 17 high lows, odds are sellers might get the upper hand driving prices below our minor support at 45 cents.
Though it won’t be a surprise considering the general bearish stance of the last few months, that move would cancel our short term bullish assertion and invite sellers aiming for our main bear target at 30 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 EOS, Litecoin, IOTA, Stellar Lumens, Tron Technical Analysis: Altcoin Sellers Struggling to Reverse Last Week’s Gains appeared first on NewsBTC.