On a positive note, altcoins are stabilizing near our historical reversal drops—90 percent down from 2017-18 peaks. For now, we recommend taking a neutral to bullish stance especially in Litecoin, Stellar Lumens—retesting a monthly support trend line, IOTA and EOS. Fundamentally, TRX might get a boost but that’s largely dependent on the reception of their virtual machine launch.
Let’s have a look at these charts:
EOS Technical Analysis
By adding three percent, EOS prices remains relatively unchanged oscillating within our previous $1 trade range capped by Aug 17 high lows.
At this rate, our previous EOS trade plan is constant and the beat trade strategy here is to wait for a break out above $5.5 for bulls and $4.5 should bears drive prices lower syncing with the eight month bear trend in the process.
Litecoin (LTC) Technical Analysis
From the News
- Wirex, who are partnering with the Litecoin Foundation, now has the approval from the FCA.
We are more than proud to announce that Wirex Limited is only the third #crypto-friendly company in the world to have been granted an FCA e-money licence
What does this mean for us? And more importantly, for you? https://t.co/NC2VivcG93
— Wirex (@wirexapp) August 23, 2018
If anything, Litecoin is receiving support and we can judge that from simple effort versus results scenario.
Not only are we seeing a scenario where there is rejection of LTC lower lows (it is taking a lot of effort by sellers to reverse Aug 17 single engulfing candlestick) but recent higher highs may after all be the foundation for more upsides today.
However, sticking by our last Litecoin trade plan we shall have conclusive buys once there are strong thrusts above $65-$70 resistance zone. On the other hand, any close below $50 invalidates our optimistic approach.
Stellar Lumens (XLM) Technical Analysis
Price wise, Stellar Lumens is stable but tapering lower and is now trading below 22 cents, our previous buy trigger line.
Encouragingly for bulls, there are morale boosting reversals from the monthly support trend line following yesterday’s bullish candlestick.
Going by our last XLM technical analysis, we shall continue holding a neutral approach until after there are movements above 26 cents on the upside and 18 cents on the downsides.
Tron (TRX) Technical Analysis
From the News
- TronChat is the latest innovation by the Tron Foundation
— tronchat (@tronchatdapp) August 23, 2018
All things constant, TRX continues to find resistance in their attempts for higher highs. However, while we may see a revival today as TRX buyers snap back rejecting any lower lows below 1.8 cents—our sell trigger in our previous TRX technical analysis, the simple fact is that sell momentum is fading.
Like most coins under review, it’s a simple effort versus results scenario panning out in the last week of constricted price movement.
This therefore means today’s price action might go a long way in determining short to medium term prices priming buyers especially if TRX bulls reject sell pressure.
IOTA (IOT) Technical Analysis
In the midst of a deep downtrend, IOTA prices are stabilizing adding about one percent in the last day.
With this, it also means our last trade plan is unchanged. The best approach as per our last IOTA trade iteration is to wait for a conclusive break and close above 60 cents on the upside—should bulls take the lead—and below 45 cents opening the way for 30 cents retest.
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.