Undeniably, the positive correlation between altcoins as Litecoin, EOS and Bitcoin price is dragging to say the least.
What that means is that when BTC drops in value, altcoins follow suit but there is a little bit of loss amplification.
Nevertheless, research findings from eToro indicate that there is gross undervaluation of Litecoin (LTC). Could this be a signal to buy-hold?
Let’s have a look at the charts:
EOS Technical Analysis
From the News
- Undoubtedly, Huobi is known world over especially after that mini-hack sometimes in mid-June. As a global exchange, EOS is available for trading. The good thing about it is that traders or merchants can transact free of charge. On the other hand, advertisers will have to pay a 0.2 percent ad fee for exposure.
- For the nth time, traders cannot withdraw their EOS from Binance. The crypto exchange platform is citing wallet maintenance as an excuse. But, this isn’t boding well with the community since they claim Binance is trying to manipulate the EOS market by allowing deposits only. Anyhow, possible reasons for this could range from regular wallet maintenance, upgrades or addition of more features on their wallets or a potential hack. We can just speculate.
- Power Ledger will participate in EOSHackton that will take place in Sydney according to EOSphere-Australia. Are these subtle hints of a possible switch from Ethereum to EOS?
Risk-reward wise, it’s tricky to liquidate EOS and sync with the market. Well, there are reasons to sell and one of them include that $1,000 erosion of BTC valuation is the last three days or so.
However, while this is enticing, we should consider our EOS trade plans and trade with it. As mentioned in previous EOS technical analysis, sellers will be in charge once they close below $7. Before then, we shall retain a neutral to bullish stand.
Litecoin (LTC) Technical Analysis
From the News
- Relative to its market cap, Litecoin has the largest number of daily active users (DAUs) and transaction volumes than any other coin. This means the coin is not only popular but it is also active. This might be the reason why most businesses as CheapAir accepts LTC as pay and is available at several POS providers as Wirex. These and many other pointers hint of utility and value. Seeing this unveil, eToro’s Greenspan thinks that there is an undervaluation in Litecoin.
- Crypto.com previously Monaco, is the latest cryptocurrency platform to support Litecoin and three other coins according to their latest tweet. By availing Litecoin, the platform said they were “transforming it into a go-to, intuitive platform
Our Litecoin trading plan is pretty much constant. As sellers continue to wreck havoc on price, aggressive traders can always short on pull backs with immediate first targets at $70, our main support line.
However, in line with our Litecoin (LTC) technical analysis, risk-on traders can wait for conclusive moves below $70 before loading their sells.
On the reverse side, odds of Litecoin’s rapid gains are slim to none but $90, the upper limit of this $20 trade range is our buy trigger.
All that is needed is a breach invalidating that bear break out pattern set on course by June 10 bear candlestick.
Stellar Lumens (XLM) Technical Analysis
From the News
- By collaborating with Lightyear.io, SharesPost shall add Stellar as an exchange location in their Global Liquidity and Settlement System (GLASS) initiative. Overly, this would be positive for tokens available at Stellar DEX as they will find exposure in global markets and be settled as long as they are complaint in any jurisdiction.
As before, we shall maintain our bullish stand and sync with the last two weeks high volume higher highs.
It’s pretty simple to see why: the last five bear candlesticks rejecting higher highs candlestick volumes pales in comparison to the last two weeks daily averages.
As such, we shall interpret this as a lack of conviction by sellers to tow in and that by extension means Stellar Lumens bulls stand a chance.
Besides, we didn’t see a follow through yesterday. As a matter of fact, XLM prices were oscillating within July 1 high lows.
Tron (TRX) Price Analysis
From the News
- The Tron Foundation is releasing their first Android version of their TronWallet to users. With the wallet, users can easily transact in TRX, participate in mainnet token sales and even vote for super representatives straight from their mobile phones.
Technically Tron (TRX) prices are on a ledge and about to capitulate should sellers shove below 3.2 cents, our intra-range sell trigger.
3.2 cents is July’s low and should there be a breach today, then we recommend Tron (TRX) traders to short at every retest with targets at 2.5 cents.
For recovery, our Tron (TRX) technical analysis dictates that prices must trend above 4 cents but as we can see—and unless otherwise—that is simply too steep for TRX buyers.
IOTA (IOT) Technical Analysis
Admittedly, sellers are leading the charge but what is encouraging for IOTA investors is that prices are yet to close below 90 cents.
As highlighted in our IOTA Trade plans, we need to see a high volume thrust below that sell trigger line before we initiate shorts and trade with that sell impetus set by June 22 bear candlestick.
Otherwise, we remain neutral keeping in mind that the longer IOTA price accumulates/range the stronger the break out.
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.
The post Litecoin, EOS, Stellar, Tron, IOTA Technical Analysis: eToro Analyst “Very Bullish” on Litecoin (LTC) appeared first on NewsBTC.
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