There are some pretty nice developments in the markets that we should remain positive despite the down trend. As it is-and playing by the technical development-we expect prices to bounce back with Litecoin and IOTA probably spearheading that recovery. It’s obvious that prices are building on May 12 gains and that should continue today maybe until prices test key resistance lines.
Let look at these charts:
EOSUSD (EOS)
EOS Daily Chart by Trading View
It’s a direct endorsement guys, CNBC just said investors should buy EOS. It may seem ridiculous now that investors and or traders alike are being told to buy in a dipping market but still, they are right. Considering Dan Larimer positive vibes and the EOSIO vibrant community, EOS might, could, explode before May 31.
#EOS Cryptocurrency mentioned on CNBC’s Fast Money 5-10-18https://t.co/J96ZcXZcyM#eosio #EOSHackathon
— David O’Rourke (@daithiorourke) May 11, 2018
It even gets better if EOS get listed at Fortuna, a blockchain platform for the $500 trillion derivatives market. Voting is ongoing so supporters should vote for it as it shall place EOS at a better position for institutional funds injection. Of course, that is what everyone wants but from last week’s market cap erosion, odds are bears might follow through and test May 12 lows at 12.
Our #BitcoinOptions have SOLD OUT contracts every week. What Top 5 coin should be listed next? Give some support for your favorite coin!
Disclaimer: Fortuna retains right to choose.#Fortuna #Options #Cryptocurrency #FOTA #OTCDerivatives$FOTA $BTC $ETH $XRP $EOS $BCH
— FORTUNA BLOCKCHAIN (@FortunaBlockch1) May 12, 2018
At-least the week ended positively for EOS as buyers managed to tame that incessant bear pressure. However, that would not stop investors from scooping this coin at a discount so our previous EOS projection holds true until maybe we have a strong retest at $12. Thereafter, buyers can begin searching for longs in lower time frames and aiming for $18 and $22.
LTCUSD (Litecoin)
Litecoin Daily Chart by Trading View
If the gods are with Litecoin and it finds favor from the new Chinese cryptocurrency ratings department, the CCID, then we might see a reversal of this 18 percent loss of market cap. That and news Abra’s update enabling Litecoin deposit, withdrawal and USD fiat wire transfer could possibly help boost Litecoin prices.
Now, if you don’t want to store your Litecoin at an exchange or wallet, you can now loan them to GMO, a subsidiary of the Japanese GMO Internet, and earn interest from them. Holding period is 150 days and earnings are subject to tax.
Price wise, Litecoin might bounce back above $180. The reason is pretty simple. Last week’s drop was supported by low volumes that the previous hike meaning if we go by the daily chart and buy, we might as well scalp a profit. Because of this, Litecoin might recover today and thus buying Litecoin with targets at $180 is my proposal.
XLMUSD (Stellar Lumens)
Stellar Lumens Daily Chart by Trading View
Undoubtedly, Stellar Lumens is a good remittance solution running on blockchain that normal people anywhere in the world can utilize. Fees are low and transactions speed, it can scale and better still is well distributed. So, will that mid range bounce continue today? Notice that it is a double bar reversal pattern accompanied by high volumes and higher highs meaning prices is finding support.
Considering technical formations in the daily chart, I recommend longs with targets at 50 cents. Because this is a trend reversal happening within a dipping market, stops should be at May 12 lows of 28 cents.
TRXUSD (Tron)
Tron Daily Chart by Trading View
Tron vs. Ethereum, that’s a battle of dominance now that we have a TVM version 0.1. The Tron Virtual Machine (TVM) is compatible with Ethereum’s virtual machine meaning migration is possible for Ethereum DApp developers.
Tron is going to launch TVM or Tron virtual machine before the release of their Main Net. Tron Virtual Machine Will be launched on 25th May 2018. The Main Net will be launched on 31st May 2018 $tron #TRON #trx $trx
— Tron Faction (@tronfaction) May 9, 2018
What we are seeing now is some sort of short covering with prices reversing with no strong volumes. Notice that after May 12 support, Tron prices are bouncing back with really low volumes. There is a stochastic sell signal yes but I will remain neutral for today. Should prices reverse back gains, then I recommend sells with targets at 6.5 cents.
IOTUSD (IOTA)
IOTA Daily Chart by Trading View
After Andrew, Michel Nilles, the Chief Digital Officer of Schindler will be joining the IOTA Foundation on an advisory role.
On the chart, IOTA is reacting positively to price action and volume injection. With a break below accumulation in the 4HR chart and higher highs in the daily chart complete with a stochastic buy signal in the weekly chart, IOTA might bounce higher today. As such, aggressive traders can take longs today with stops at May 12 lows of $1.5. Conservative traders on the other hand better take longs only when buyers are trading above $2.2 or the middle BB.