The altcoin market is stabilizing and poised to add more over the weekend due to specific candlestick formations in EOS, Litecoin, IOTA and Tron. That’s on top of favorable altcoins news that continues to trickle. Of all the coins under our review, Stellar Lumens price is slow to pick up and still trading below 25 cents. However, the general shift in momentum could aid thrust altcoin prices back towards profitability in the short to medium term.
Let’s have a look at these charts:
— EOS New York (@eosnewyork) September 13, 2018
A three percent drop of EOS price in the last day is nothing new and usually happens after periods of high volatility. On Sep 13, in the face of high market participation, EOS prices surged hitting the $5.5 buy trigger and positioning EOS coin for further gains.
That’s was expected yesterday but instead a lower time frame consolidation meant our previous EOS price analysis remains in loss making territory but today we might see higher highs.
Regardless, we keep in mind that any dip below $4 invalidates this EOS price prediction while any thrust and close above $7 would most probably usher in a wave of buyers aiming for $9 and even $15.
It might be miniscule or even negligible to some but a three percent gain in the last 24 hours means prices did confirm the three bar bull reversal pattern set by Sep 13 close.
What this means is that our last Litecoin price prediction is true and going forward, traders can load at current Litecoin prices with stops at $50.
Going forward, it’s likely that Litecoin prices would edge higher in response to Sep 12 high volume pin bar meaning our first targets at $70 would most likely be hit.
Even after series of higher highs, XLM prices are still trending inside Sep 11 bullish bar. Nonetheless, we still hold a bullish expectation despite yesterday’s four percent drop in prices and failure of XLM buyers to drive prices towards our immediate resistance trend line and 25 cents, the main resistance line.
Considering this mid-range consolidation, our previous Stellar Lumens price prediction remains valid and unless there are market boosting XLM news, buyers holds an upper hand. Any dip and close below 18 cents shall nullify this price projection.
Like the rest of the altcoin market, Tron price is stable adding a paltry two percent in the last day but encouragingly trading above yesterday’s highs. Though it can deflating after periods of strong Tron sells, yesterday’s resistance for higher highs is normal following high volume moves of Sep 12.
However, since the three bar bullish reversal pattern is now complete, we shall trade according to our last Tron price analysis. In that case, we recommend small volume buys at spot rates with stops at 1.6 cents and targets at 3 cents or high.
On the reverse side, we remain aware that any market damping Tron news would fast-track reversal of gains. This will likely drive prices back to Jan 24 lows in line with our last Tron price analysis.
Our Director @jochenrenz will present 3 times today @HannoverMesseUS in the Solution Theatre. 1) DLT in New Mobility 2) Iota at the Pitch Showcase presented by GE Ventures & @sente_link and 3) DLT in IIoT #IOTA #dlt #iiot
— New Mobility Lab (@newmobilitylab) September 13, 2018
If anything, yesterday was pretty even with IOTA prices leveling each other out. Nonetheless, IOTA prices did inch higher adding two percent by yesterday’s close.
While we didn’t see strong closes above 60 cents triggering small size buys in line with our IOTA price predictions, it’s likely that we might see buyers breaching that level by close of the week.
When that happens, we shall initiate IOTA buys on every pull back. First targets will be at Sep 5 highs and later 90 cents.
On the other side of the coin, any shift of momentum that will see prices drop below 50 cents would usher in sellers eyeing 30 cents.
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.