Price Analysis May 21, 2018

It’s just four days before Tron launch their Tron Virtual Machine (TVM) and already there is injection of momentum. Yes, I’m net long Tron and that’s a technical and sentiment advice based on historical formations before announcement of coin specific developments. In my view, TVM is a plus and while we expect more updates before their mainnet launch, buying on dips today might be a good trade plan. After all, that would be syncing with the general bullish trend after yesterday’s spike in volumes.

Let’s have a look at these charts:

EOS Analysis

The excitement is real and we have more comparisons on the sphere. We all know people refer Bitcoin as the digital Gold and indeed it is especially if we bring on focus Iran’s events. People are flocking to Bitcoin despite them being illegal in that jurisdiction. Now, with companies as ZimbraX of Synacor and exchanges as NASDAQ planning to utilize EOSIO platform, it’s no secret that EOS is a force to reckon. Online commentators now dubs EOS as the “digital real estate”.

So, is there under-valuation on this piece of real estate? I really think there is and prices might inch higher today. The mainnet launch is less than 13 days away and there are interesting technical developments in the daily chart. Note that after May 18 double bar reversal pattern and strong volumes rejecting lower lows, buy pressure picked up. Okay, it might be premature and caution should prevail but buying today in lower time frames can be a good move. If not then wait for a breach above $14.

 

Litecoin (LTC) Analysis

As coins compete to come on top, Litecoin appear to have an edge over their rivals. In a bid to be the official cryptocurrency for TapJet, an online private jet booking app, Litecoin had to show what the company has in store for their potential adopters. Ripple did come up strongly too despite accusations of fake votes. Anyhow, both coins are now accepted at TapJet and this is good for their retail and or consumer adoption drive. After all, the more people/companies/institutions transact using Litecoin, the faster the correction of this under-valuation.

Price wise, we shall anchor our analysis on May 18 candlestick characteristics. Then notice that Litecoin didn’t sink despite high volumes (207K). This is a clear indication that there was buy pressure and the consequent candlestick including yesterday’s proves this. In my view, if buyers do manage to push above May 17 at $140 Litecoin buyers can go long. If not and sellers push price below $130, then bears are likely to test $110.

 

Stellar Lumens (XLM) Analysis

In the last week, Stellar Lumens did shed 11 percent but the good thing is that prices are still trending within May 17 candlestick. Basing my review on technical developments over the last few days, that May 17 candlestick perfectly prints our minor support resistance lines.

As such, I will only short if Stellar Lumens sellers edge past 30 cents and buy if bulls pump prices past 35 cents. Before price action completes that double bottom, I remain neutral as I take a wait and see approach.

 

Tron (TRX) Analysis

After Tron Scan, a site some critics point as inferior to existing Tron explorers, we now have a 19 year old programmer releasing a DApp web wallet through the Tron Foundation. While we can trace this back to Project Genesis, we shall acknowledge that Open Source Wallet DApp is designed to improve user experience and secure TRX coins. As a security enhancement it comes complete with a cold/hot switch for safety purposes.

Technically, we have a clear buy and that’s what I’m recommending today. Clearly, we have a bullish engulfing pattern and behind it is strong bull volumes complementing May 12 rejection of lower prices. As it is, stops at 6.5 cents are ideal with buy targets at Tron’s ATH’s of 10 cents.

IOTA (IOT) Analysis

Tight ranges are what we are currently seeing at IOTA. Yes, bears didn’t manage to push prices below May 18 lows neither did buyers push above May 17 highs at $1.96. Considering our previous take on price action, I’m net long especially if we see prices appreciating today as they complete a double bottom. My IOTA trade plan is simple: sell if prices push below $1.5 and buy if IOTA bulls thrust prices above May 17 highs.

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