Apart from Tron, most coins didn’t register impressive gains as May 20 price action. Nonetheless, we still expect market participants to bid up the likes of Tron, IOTA, and EOS and to some degree, Stellar Lumens which has been characteristically low key. I would also recommend keeping an eye on Litecoin today. We expect price moving events for EOS and Tron in the next few days so I buying on dips would be a safe trading tragedy in my view.
Let’s have a look at these charts:
Undoubtedly, EOS is an exceptional product that promises to change discourse of DApps development and narrative. We can rave about it but let’s understand that while they pride on decentralization, they need expertise from knowledgeable developers to sharpen their technological edge. That’s simply inevitable.
Now, here’s the thing. Not many people know the inner workings and the development aspect of EOS. As such, there is a bit of knowledge dependency, a centralization of some sort and that’s what creates a catch 22 situation. To break this, Dan Larimer and Block One announced that they shall be working with Virginia Tech in a $3 million education drive meant to enlighten students on blockchain technology.
Price wise, EOS sellers are in charge reversing May 20 gains. While volumes are not that great, we are likely to see higher highs set in motion by May 18 double bar bull reversal pattern and rejection of lower prices. To reiterate, our trade plan remains constant and we shall continue buying EOS on dips at lower time frames with ideal stops below $12.
Litecoin (LTC) Analysis
There is nothing much from the news other than the fact that Litecoin remains a choice for merchants. Like most coins, Litecoin is safe, fast, valuable and above all allows interoperability via atomic swaps. The latter is a beneficial for merchants because they can draw from both set of coin holders seamlessly.
On the chart, prices are down despite yesterday’s positive moves. In my view, I really think there are more upsides regardless of the general bear trend. I recommend buying on dips on lower time frames ideally at or around $130 spring board zone. That’s where LTC buyers found support.
Stellar Lumens (XLM) Analysis
So, KIN is running a test net after forking from the Stellar blockchain? This came faster than anticipated and whether prices would be affected or not, the chart would point out. As it is, this event is a non-issue and Stellar Lumens is doing just fine despite the five percent drop in the last 24 hours.
Now, even though we have a bullish inclination on Stellar Lumens, prices are oscillating within a tight price range and in my view, buyers should find ramping opportunities at this valuations.
However, on a more conservative note, those who need assurance can find better opportunities when prices print above May 17 highs at 35 cents. Before then wait for long entries in intra-day charts and initiate trades in line with our laid out trade plan.
Tron (TRX) Analysis
In our liquidity chart, Tron is at position nine and up three percent in the last 24 hours. That’s not a bad feat and it is what we wanted to see after yesterday’s 18 percent price explosion past minor resistance at 7.5 cents. Matter of fact, relative to other coins, Tron is outperforming.
Now, as TVM launch nears, Tron has an objective of drawing experience and expertise from Ethereum developers. To enable this, they are promising a $100,000 interest free loan in the first 18 months, a blockchain guaranteeing a 10 TPS and easy migration done via an adapter. Of course, this is tempting and unless we see main developers shifting camps, this initiative would be in vain.
Technically, yesterday’s position is still valid and for those who didn’t hitch the initial ride, buying on dips anywhere between 7.5 cents and 8 cents is ideal. Targets are at 10 cents with stops at 7.5 cents.
IOTA (IOT) Analysis
Of course, IOTA is forging the way for an IoT environment and a world of interconnection. It’s futuristic and the good thing is that’s where we are headed. For traders, IOTA bodes well in the grand scheme of thing especially if we illuminate this from a user case perspective.
I’m net long on the long haul and just like yesterday’s IOTA trade plan, I recommend buying on dips at or around $1.5. However, on the other hand, conservatives should stay put and wait for break above $2 or May 17 highs which binds recent price moves.
Photo via Pixabay.