The race for supremacy continues and here we have two coins out bidding each other: EOS and Tron. While we expect them to launch their mainnet in less than 40 days, their respective price spike means their valuation rank in the top 10. Because of this, ramping up buys whenever our EOS and Tron technical analysis dictates could be a nice trade plan.
Let look at these charts:
Apparently, EOS is mooning. That’s not a surprise because the platform promises investors that it shall be a go to platform as they take Ethereum head on. Technically, we shall trade a break out and because such strategies are followed by dips, we should wait until this correction is over before looking for buy entries in the 4HR chart.
Reflecting this retracement is the 18 percent dip in prices in the last 24 hours and borrowing hints from our previous EOS price forecasts, our potential support lies at $14. In my view, it shall remain that way until unless a stochastics buy signal prints or if we have strong reversal bull candlesticks around our support zone. Otherwise, our short term bull target remains at $30 in line with yesterday’s preview.
All in all, this Litecoin lower time frame range mode isn’t doing any good to the coin’s valuation. As far as its total cap is concerned, it’s down to seventh place after losing seats to EOS and Cardano. If we are strictly technical, then our projection is pretty constant and all we have to do is to hold on to our bullish guns until clear load signals prints.
From our previous analysis, $140 is a significant support line. So, should there be a reaction at that zone coupled with a stochastic buy signal then we can as well buy and aim for $180 and $240 in the near term. If not, then we wait until buyers push prices above $180 immediate resistance line and from there buyers can aim for $240.
XLMUSD (Stellar Lumens)
Despite a $7.97 billion market cap, Stellar Lumens is down four percent in the last 24 hours forced down by a momentum bearish divergence pattern that is in play. Then again, there is nothing much to write about from the fundamental point but regardless, we shall hold on to our bullish view as we search for undervaluation in lower time frames.
As it is, our potential support lines are at 35 cents and 40 cents on the lower and upper limits respectively. Because stochastics are bearish, we expect bears to push prices lower before buyers enter this trade once a stochastic buy signal prints anywhere within our five cent buy range.
If you want to see how fast Tron prices are oscillating then the weekly chart should be a perfect surveillance ground. In my view, it’s more of fundamentals than technicals that is behind this surge of prices. After all, Tron promises a 10,000 Tx/S once it launches on is mainnet and Bitcoin pales in comparison.
Mind you, Tron is up a whopping 80 percent in past week. Now here is the thing, it’s the Tron product that is inevitably pushing prices and considering its divorce from Ethereum and mainnet launch is in less than a month, Tron supporters don’t want to miss out.
Technically, the expansion should continue and as Tron prints ATHs, savvy traders should buy with stops below this week’s lows at 8.25 cents. Assuming there is a reversal from current highs then ideal buy zone should be between 8.25 cents and last week’s highs at 9 cents. Either way, I expect strong support at this zone in the days to come.
Thing is NEO and NEP-5 tokens are gaining prominence and as it continues to wade off bears keen on pushing its valuation down, buyers should be pouncing at a discount. As I type this, NEO is down two percent and up 12 percent in the past week. Development wise, there is a new update for the NEON wallet from City of Zion.
City of Zion (@coz_official) have released Neon Wallet v0.2.3, including updated error messages and token sale UX improvements. https://neonewstoday.com/development/city-of-zion-coz-release-neon-wallet-v0-2-3/ …
City of Zion (CoZ) release Neon Wallet v0.2.3
City of Zion have released Neon Wallet v0.2.3. It can be downloaded from the following link – Bug fixes and updates include…
Regardless of this minor sell pressure at $90, buyers should be looking for entries anywhere between $70 and $75 or whenever a stochastic buy signal prints in line with yesterday’s NEO technical analysis. On the flip side, suppose there is a strong surge of NEO buy volumes, then bulls should enter once prices breach $90.