Well, there are hopes of altcoins appreciation today if we depend on what’s happening in the 4HR chart of EOS and Stellar Lumens. We shall focus on EOS and their respective events today meaning any green light of their mainnet launch is a big plus. As such we expect prices might clear $15 over the weekend with EOS buyers aiming for ATHs at $23.
Let’s have a look at these charts:
EOS Technical Analysis
Things are steaming at EOS and with every “No-Go” vote, there is a negative impact on price action. Well, until there is a security clearance after fixing all P0 bugs, odds are mainnet launch will be put off-Again! That also means your EOS coins would continue being frozen while you see their value slide at mainnet supporting exchanges.
We’re still a no-go for launch, as the crucial testing stages of the #EOS #mainnet continues, with a primary focus on #security. To learn more, check out the “#EOS Launch Tracker” from @eosauthority: https://t.co/WDfAFICMNd #eosio #EMLG pic.twitter.com/DEXWlFrQlj
— EOS Vancouver (@EOS_Van) June 7, 2018
On to the charts, EOS is up four percent in the last 24 hours. However, it’s still trading within June 2 high-lows. As visible from the chart, the consolidation continues meaning our initial trade plan remains valid. Unless there are breaks below or above critical support and resistances at $12 and $15, we remain neutral. However, despite all this, any positive announcements from EOS Canada and NY would surely be supportive of price.
Litecoin (LTC) Technical Analysis
We can be as upbeat as we want but Litecoin is truly tempered. It has been there before and even if the cryptocurrency bubble burst today, Litecoin will still trade the day after. Of course some projects would go under leaving behind “really true projects” as Zhang insist. That I agree.
Price wise, bears are still rejecting higher prices. As visible, yesterday’s candlestick didn’t have enough momentum to push LTC prices above June 4 candlestick. That candlestick has some bearing on this coin’s price action and should we see some any form of higher highs crashing resistance then buyers can begin loading. If not and sellers increase their dump pushing prices below $115 then we recommend selling in line with yesterday’s trade plan.
Stellar Lumens (XLM) Technical Analysis
In the last 24 hours, Stellar Lumens is one of the top performers in the top 10. It’s still perched at position seven with a market cap of $5.54 billion. Well, since we saw modest gains, we shall wait and see what happens today. Buyers should follow through and overcome resistance at 30 cents if at all they are in charge. Otherwise, any form of lower lows below 27 cents would invalidate our five day trade position.
Tron (TRX) Technical Analysis
There are more than 100 TRX tradable pairs and they keep increasing. Recent announcement is that of a Taiwanese exchange listing TRX/TWD pair for their customers. It’s easy to judge how Tron is positioning itself as a go-to platform where investors anywhere in the world can easily buy or sell their coin holding.
— Justin Sun (@justinsuntron) June 7, 2018
When it comes to price action, we still retain a bullish stand though price movements are still very tight. As a matter of fact, after yesterday’s preview, nothing much has changed. What remains is either bullish moves complementing yesterday’s candlestick or a break below 5.5 cents confirming bears and May 28 sell candlestick. In my view, I shall reiterate yesterday’s trade plan and stay neutral.
IOTA (IOT) Technical Analysis
Due to popular demand, EU and UK customers can now buy IOTA at BitPanda. Of course this is going to be IOT/Fiat pair and with less than six coins available for trading at this exchange, IOTA is going to have support and attention.
— Bitpanda (@bitpanda) June 7, 2018
When it comes to price movements, sellers are pushing prices lower and $1.6 remains a solid ground due to this inaction. Well, our trade plan remains unchanged and we shall be taking a wait and see approach before initiating trades as mentioned yesterday.