In the top 10, EOS tops the losers list after shedding 14 percent last week. Technically, it seems like EOS might add up their losses especially if prices fail to breach $18.55 in the coming days. On the flip side, IOTA leads the toppers after gaining 15 percent and news of Porsche partnership is definitely buoying prices. This and Litecoin recovery is what we should be looking at today.
Let look at these charts:
So, over the weekend Weiss Cryptocurrency Ratings ended up praising EOS. This is not a surprise because considering the accelerated work going on with EOSIO. Of course they are preparing to launch next month so many would be lauding the good work going on at EOS GitHub.
Remember, EOS objective is all about creating this perfect DApp architecture where horizontal and vertical scaling is possible. With Dawn 4.0, there is improvement and patches on last release with exciting features as Ram allocation Model, Exchange Integration Support and others.
Besides this release, Etoro account holders can now trade EOS against fiat and other cryptocurrencies as BTC or ETH.
From our chart, EOS is down 16 percent in the last seven days. Despite that we remain bullish, we need prices reverse last week losses and if possible print new all time highs. For that to happen, bulls must push and close above the most recent resistance line at $18.55 as we said on our last projection. If not, then wait until a stochastic buy signal prints ideally at around $14 and $15.
Nothing much on the fundamental end this weekend but the good thing is that Litecoin is up 12 percent for the week. Going forward, I expect Litecoin prices to recover and keep up with the expansion we are seeing in other coins as EOS and Tron.
In our entry chart, there is a stochastic sell signal turning from deep the overbought territory meaning sellers might continue pressing prices down today. In that case and especially if sell pressure break below the middle BB then our potential support line should be at the 61.8 percent Fibonacci extension line anchoring on last week’s high low. That would be at around $160.
If at that level there is a simultaneous print out of a stochastic buy signal print out and bullish reversal patterns then the better for buyers.
XLMUSD (Stellar Lumens)
Following EOS in the losers list is Stellar Lumens. In fact Stellar Lumens is down eight percent for the week and this is understandable considering the slow correction and accumulation that has been happening for the better part of last week. From the chart, we remain bullish and searching for buy opportunities anywhere between 40 cents on the upper end and 36 cents on the lower end.
Two scenarios can happen here. Either Stellar Lumens prices shall reverse and add to that double bar reversal patter at 40 cents or bears break below it and edge towards 36 cents. In both cases, waiting for a shift of momentum is essential and as such, waiting till a stochastic buy signal prints before loading longs can be a good strategy. Either that or waiting for a bull break out above 50 cents in line with our last Stellar Lumens price forecast.
It’s a hallmark for Tron. Statistics shows that the Tron Network now has more than 1 million users and as the countdown to mainnet launch continues, you should be massing more coins in my view. Well, Tron is a long time buy especially if it lives up to its expectations.
As such, our previous trade recommendation still holds true now that we have that cool double bar reversal pattern forming right at 8 cents, our immediate support line. However, if Tron sellers increase their ramp and drive prices below our support line then trade with the trend. In that case, selling with targets at 6.5 cents and later 5 cents would be ideal.
Regardless of the last three day slide, IOTA is up 14 percent in the last seven days and if current news is our steer then buying IOTA on dips would all be but a good strategy.
The IOTA foundation continues to form important partnership with leading tech companies and the latest tech leader to join in the IoT bandwagon is Porsche. Together with IOTA they shall advance the project dubbed Program 4 project which seeks to improve smart mobility and a vision of a start up, Autobahn.
From the chart, price action is correcting an over-valuation visible after May 4 close. There you see that whole bear candlestick closing above the upper BB and that’s not all, there is a sell signal. So, despite our upbeat view of prices, chances are IOTA might continue trickling down today with targets at $1.65 especially if there is a push below $2.15.
The post IOTA, Stellar Lumens, Tron, Litecoin, EOS: Technical Analysis for May 7, 2018 appeared first on NewsBTC.
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