Altcoin Price Analysis: EOS/USD and LTC/USD Slow Down As Traders Buy DipsNovember 8, 2018
Even if yesterday’s upsides were limited, altcoins are technically bullish and should print higher as the week come to a close. In that case we expect ADA/USD and XLM/USD traders to buy at spot prices with stops at immediate support. As this prints, EOS/USD, LTC/USD and XMR/USD traders should maintain a neutral position until close above immediate resistance lines triggering bulls.
Let’s have a look at these charts:
EOS/USD Price Analysis
Following expansions of Nov 6, yesterday’s price action was expected. But, it shouldn’t be a cause of concern since price range is tight and trading in the upper half of Nov 6 bar.
Because of that we recommend prices to expand in days to come and as such savvy, risk off type of traders can begin buying at spot with first targets at $7 and later $9.
However, on a more cautious approach, patient traders can wait for movements above $7 in line with our previous EOS/USD trade plan.
LTC/USD Price Analysis
Despite yesterdays slow down, LTC/USD is technically bullish and likely to close above the resistance trend line connecting the last month’s highs. Like in our last Litecoin price analysis, our trade plan anchors on expansion above the $60 igniting short term bulls aiming for $70 and later $90.
Before all of these happen, we need to see relentless buy volumes. If not then it is likely that prices would end up sliding below $50 dashing bullish expectations as sellers reverse this week’s gains.
Going forward, we shall adopt a conservative approach with risk-off traders entering buys only when LTC/USD close above $60 or the minor resistance line signaling the complete reversal of Oct 11 losses.
XLM/USD Price Analysis
Blockchain.com is getting philanthropic and is gifting away 500 million Lumens in what the stellar foundation say is one of the largest Air-drop so far.
As an established wallet provider offering similar safe storage services for Bitcoin and other liquid coins, this gesture is meant to spur widespread adoption as they build a strong community paying and even transacting using digital assets in their normal routine. The main objective here is to onboard clients and reward subscribers who not only sign up but end up verifying their accounts on site.
Back to price action and Stellar Lumens is trading above the 25 cents buy trigger line meaning our last XLM/USD trade plan is solid despite the airdrop. More often than not, airdrops cause prices to sink because recipient often liquidate their holdings preventing further upsides.
But, even if XLM bulls slow down, there is an opportunity for traders to buy at spot with first targets at 30 cents. This resistance level is important in our analysis and as long as prices trade below it then XLM/USD is basically consolidation mode.
All we need are strong surges breaking and closing above 30 cents if XLM/USD traders need to see prices race towards 50 cents.
ADA/USD Price Analysis
In the next Daedalus 0.11.1 which will accompany Cardano 1.3.1, IOHK will enable Linux beta testing for those users willing to run the script on their terminal. What’s even interesting is that in the course of the month there this new wallet version shall allow integration with Ledger Nano S.
As before, we recommend traders to fill their ADA coin bags by buying at spot with first targets at 12 cents.
This level is an important resistance-previous support line and any rally above this level mean the bear break out trade of early August no longer hold as bulls set their sight on 20 cents and later 40 cents.
At the moment, fitting stops will be at 7.5 cents with short term targets at 9.5 cents as laid out in previous ADA/USD trade plan.
XMR/USD Price Analysis
Unlike most coins where gains are massive, Monero’s are tight adding nine percent in the last week. It is stable in the last day and gains are capped by $120 which also mark the highs of Oct 11 losses.
Though we remain optimistic now that the market is generally expanding, we need to see solid moves above $120 or even $130 assuring traders that buyers are in full control.
That mean XMR/USD prices must first bolt and close above Oct 15 highs. Before then, we suggest taking a neutral stand as XMR/USD oscillates within a tight $20 range.
All charts Courtesy of Trading View
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.
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