Unexpectedly, Tron prices are dipping after mainnet launch. Given the marketing done by Justin Sun and the Tron Foundation, the markets are thirst for action. Savvy programmers on the other hand have something to cheer because should they find a flaw-like those in EOS- they are entitled to a $100,000 reward from Tron foundation. These are the kind of incentives that spur coders or white hats into action benefiting the platform in the process. Before the bounty program ends on June 21, we should see progress as the Tron network undergoes rigorous testing. Apart from this, technical formations hint of possible low risk, high reward trades in IOTA and Stellar Lumens.
EOS Price Technical Analysis
EOS Daily Chart by Trading View
So, Binance did decide to block deposit and withdrawal of EOS ERC tokens two days before the mainnet migration. Worse, most people didn’t see their advertisements on social media catching many by surprise. Even though some few traders claimed that they had withdrawn their coins and stored them in hard wallets and alternatives as Exodus, frustration is palpable for those who didn’t. However, it’s good news for those in Kucoin and HitBTC because they still have a lee way before the cryptocurrency exchanges withdrawal and deposit blockade begins.
In other news, Nick Szabo, who many think is the real Satoshi, didn’t have kind words for EOS. He referred its constitution as a “naively crafted” and its code WET. In his words he thinks EOS blockchain would be “labor intensive”, full of permissions and rigid when it comes to scalability.
Great thread about how much EOS depends on a naively drafted “constitution”, human-interpreted wet code. As a result EOS will be labor-intensive, permissioned, jurisdictionally biased, and will have poor social scalability. https://t.co/64XzgplMsb
— Nick Szabo⚡️ (@NickSzabo4) May 30, 2018
What I’m seeing now is a very nice accumulation that began following that bullish engulfing reversal in May 24. While we are positive of a possible appreciation, traders can begin spreading their long entries anywhere between $11 and $13 just before the mainnet launch. Safe stops lies at May 24 lows at $10.
Litecoin (LTC) Price Technical Analysis
Litecoin Daily Chart by Trading View
Of course, any founder would shill his/her coin. Would you trash yours? I guess not! Now, Charlie Lee is absolutely right and even a 51 percent attack on this merchant network would prove financially prohibitive and a loss making venture. The capital injection won’t justify the reasons why and so, yes, to some degree we remain safe. What if it’s just but a malicious attack? Think about that. It’s about $700 million to take control for an hour.
Price wise, we shall stick to our previous trade plan. Either you can continue ramping up at current prices with stops at $110 or wait for a break above $130. It’s your choice and mostly depends on your trading style. Overly, bull targets stands at $180 and later $240.
Stellar Lumens (XLM) Price Technical Analysis
Stellar Lumens Daily Chart by Trading View
Here, our technical tea leaves are aligning to the upside. We have higher highs bouncing off May 29 bullish candlestick with increasing volumes. I recommend buys with stops at 28 cents and targets at 50 cents and later 70 cents. Why? Well, check out that double bar bullish reversal pattern, May 30 tight trade range and yesterday’s bull acceleration confirming May 29 bullish moves.
Tron (TRX) Price Technical Analysis
Tron Daily Chart by Trading View
Prices often tank after mainnet launches, I highlighted this before because history has some irrefutable data for your reference. The depreciation is not that bad though. TRX is up one percent in the last 24 hours as I type this.
Do you think TRX value will float without Ethereum influence? Time will tell but at the moment, Justin Sun is welcoming any white hacker to check their network for flaws and should they find one, there is a $100,000 reward for their excellent work.
Calling all developers! #TRON mainnet is live on #github and we’re offering up to $100K in #bugbounty rewards. Bring your A game. $TRX pic.twitter.com/je85UEA3ES
— Justin Sun (@justinsuntron) May 31, 2018
Price wise, I remain as usual neutral until after we see a break below or above this 2 cents consolidation between 7.5 cents and 5.5 cents on the lower side. If prices pick up and end up bearish like yesterday, then we shall take cautious shorts with tight stops and follow May 28 bear candlestick. In that case, 5 cents would be our first bear target.
IOTA (IOT) Price Technical Analysis
IOTA (IOT) Daily Chart by Trading View
It seems their partnership with the UN brought good IOTA vibes. We can see this not only from their market over-performance to Taiwanese delegates visiting their headquarters to discuss smart cities, education and yes, issues to do with governance.
Cofounder of Biilabs, a taiwanese company focused on #IOTA , says “we will have some moves with Acer soon” ?? #Tangle https://t.co/izRvnPVzkL
— Florian Köhler (@Florian7788) May 10, 2018
Like yesterday’s forecast, you can continue loading your longs at every dip in lower time frame. Stops should be at $1.5 with bull targets at $2.6 in line with our previous trade plan.