This is an important week for Tron and EOS. We were positive of sharp jumps in the run up to their consecutive mainnet launches but that has not been the case. In my view, these two should be our focus of the week and any spark in market participation with prices appreciating above 7.5 cents and $13 for Tron and EOS could spark buy momentum in the next days if not weeks. But, should support levels collapse then sellers would continue with their trend.
EOS Price Analysis
Token registration and shifting to EOS coin supporting exchange is what you need to do. It’s as simple as that and should be the easiest option if you need not to worry about your coins being lost. Along these development lines, well meaning block producers have gone an extra length to release EOS Bios 0.9.0 for EOS ERC-20 token holders. This service is specifically meant for those who forgot to register their tokens or change to EOS supporting exchanges. All you have to do is to claim ownership is to validate these EOS ERC-20 tokens using your private keys.
Price wise, EOS is trading within a tight trading range and well inside May 24 double bar reversal bullish candlestick. It’s six days ago and with Block One going lengths to make sure this migration is a success, I would suggest riding with sentiment and placing safe stops at May 24 lows. That’s at $10 and considering the surge in market volumes on May 24, buyers should either buy at every hint of bullish moves in lower time frames or wait until prices are above $13 or $14.
Litecoin (LTC) Price Analysis
Maybe it’s because Litecoin is Bitcoin’s lab. Maybe not but when it comes to huge crypto announcement anywhere, Charlie Lee’s Litecoin gets a worthy mention. It’s no surprise that NASDAQ did mention three cryptocurrencies under their radar that they think investors or enthusiast should really consider. Stellar and Bitcoin were some coins but Litecoin’s reason for possible long term hold is its cross chain capabilities after Blocknet announcement. Cross chain and atomic swaps capabilities carry weight and is especially beneficial for merchants and traders on the grass root opting to leverage on blockchain tech via Litecoin. Endorsement from traditional exchange as Litecoin is a boost for Litecoin and we might see some positivity in days to come.
On the chart, we shall be chasing the market and acting carelessly if we recommend short or long trades. Patience is what we need and that’s what we should do. Our buy triggers is above May 24 highs at $135 as long as there is a spike in market volumes exceeding 350k. On the flip side, any dip past $110 and sellers can ride all the way back to $70.
Stellar Lumens (XLM) Price Analysis
While we were upbeat of possible higher highs and absorption of sell pressure after May 24 candlestick, Stellar Lumens prices are still aligning with bears. So far, prices are down six percent in the last 24 hours and if there is a break below 25 cents, then it could get worse of Stellar Lumens valuation. 25 cents is around the 78.6 percent Fibonacci retracement line anchoring on March-April high lows.
Technically, two things can happen today or in the coming days: Either a confirmation of May 24 attempts of bear absorption or a break below 28 cents signaling bears. If the latter happen, then we trade with the trend and aim for 20 cents or lower. Otherwise, any gains and prints above 35 cents would mean eye balling May 3 highs of 50 cents.
Tron (TRX) Price Analysis
Justin Sun and the Tron Foundation more like Dan Larimer and his crew are doing everything they can to make their Tron mainnet launch a success. Of course, expect to hear banter from time to time but those are background noise. Tron through their TVM are offering Ethereum DApp developers a platform with outrageous throughput. At 10,000 TPS-beating Ethereum’s 25 TPS-plus a host of other advantages, Ethereum is lagging. Whether these will draw users and pump prices we don’t know, our charts would mirror that.
At the moment though, price action is still. Tron prices are moving within a range and I’m clear on how I will trade this pair if my trade conditions are met. Its three days before their mainnet launch and all I need is a breach and close above 7.5 cents with volume surges exceeding recent averages. On the other hand, I will sell if we see the same traits but with sellers pushing below 6.5 cents.
IOTA (IOT) Price Analysis
If anything, IOTA traders are at a precipice. Either prices shall move according to May 23 bearish candlestick and close below $1.3 or we see a reversal at a potential buy zone. Considering the past few days price action, chances of the latter happening is high especially if today’s ends higher. IOTA bullish conservatives should however wait for thrusts above $1.65-that’s above May 23 highs to enter long. However, in line with the general bearish trend, any attempt for a close below $1.35 and sellers should aim for 90 cents.
Coins image via Pixabay.