After days of lower lows and horizontal consolidation, altcoins are ending the week on a high. ADA/USD is up three percent in the day and could breach key price levels over the weekend. At the same time, LTC/USD bulls did manage to reverse Oct 29 losses while EOS/USD prices could race to $7 if today close higher igniting buys.
Let’s have a look at these charts:
EOS/USD Price Analysis
Research finding from WhiteBlock concludes that EOS is not a blockchain platform. Rather, EOS runs on a server/client basis and there is no difference between it and other centralized computing service solutions as Amazon Web Service or Google. Before reaching their conclusion, the firm ran an EOS replica and after thorough experimentation, testing and commissioning by ConsenSys.
Thereafter, data collected were synthesized and it was noted that EOS transactions are not “cryptographically validated”. On top of that WhiteBlock writes that there is nothing that can prevent block producers from colluding. As a result, there is a possibility that the network can be controlled by rogue elements. Besides, the actual through put at EOS was remarkably less-at 250 TPS than as marketed.
Price wise there are hints of a revival. EOS/USD is up 2.7 percent in the last day and buyers are stepping up reversing losses. But despite this positivity, none of our trade conditions are live. As such and as laid out in previous EOS/USD trade plans, patience is key. We recommend trading once there are solid break outs above $7 ushering in buys or dips below $4.5 causing prices tomeltdown.
LTC/USD Price Analysis
Thanks to Lite.im, Facebook users can now send, receive, manage and even invest in Litecoin thanks to the wallet provider integration. This means Litecoin is the first crypto to find its way to crypto exposing the seventh largest coin by market cap to more than 2 billion users.
Perhaps reacting to this Litecoin buyers are rejecting prices below $50 and have so far reversed Oct 29 losses. As such our last LTC/USD sells no longer hold meaning our traders should maintain a neutral stand until after there is trend resumption or LTC rally above $60 triggering short term bulls.
XLM/USD Price Analysis
Like most coins under preview, XLM/USD pair is in range mode and trending within Oct 15 high lows. The lack of activity in the last few days and the simple fact that prices are still oscillating inside Oct 29 high low means sellers are remotely in charge. From our previous XLM/USD price analysis, we shall recommend taking a neutral stand until after there are gains above 25 cents and later 30 cents igniting long term moves with first targets at 50 cents. On the other hand, any decline below 15 cents-20 cents main support or Oct 15 losses could potentially lead to further losses towards 8 cents draining market confidence and cap with it.
ADA/USD Price Analysis
After a thorough analysis of more than 3,000 cryptocurrencies, Weiss Rating recommend buys for ADA, EOS, XLM and XRP. Cardano is a buy because of its dApp building capability and vibrant community.
On the charts, ADA is one of the top performers adding 3.5 percent in the last day and bouncing off the minor support at 7 cents. To sync with our previous ADA/USD trade recommendation, traders should take a neutral stand until after there are high-volume, convincing gains above the main resistance trend line. Ideally, we should see moves above 9.5 cents or Sep highs. That would mesh well with our trade plan and thereafter risk-off traders can buy on dips with first targets at 12 cents.
XMR/USD Price Analysis
There are two levels that interest us: $120 and $100. Currently, XMR/USD is in range mode oscillating horizontally following two counter moves of Oct 11 and 15 throwing us back into indecision since stops following sell recommendation after Oct 11 were struck by rapid gains of Oct 15. For now and as recommendation in the last two weeks, we suggest taking a neutral stand until there are gains above $120 triggering buys or losses below $100 confirming the bear break out pattern of Oct 11.
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.