Other than IOTA, that is back in the top 10, most coins including Stellar Lumens, Tron, EOS and Litecoin are slowing down. As it is, IOTA is a straight buy now that it is trading within a bullish break out complete with a stochastic buy signal and in sync with the overall bullish wave in the weekly chart. So, with IOTA being clear, watch out for price movements in Litecoin and if bears push below the middle BB in Tron’s 4HR chart.
Let look at these charts:
Honestly, waiting for this EOSIO mainnet launch is more like that count down before a space rocket launch. Think of Space X. Everyone is talking about it and so we can imagine how prices will tank in case there is a last minute disappointment.
Anyhow, on the light side, in the last couple of hours UpBit became one of the latest exchanges after BitFinex and Binance to declare their support for EOSIO independent coin. While this is happening, Trezor is also asking EOSIO development team to reach out so that they can start their EOS integration. By doing so, EOS holders shall securely store their coins even after launch when they are no longer a ERC-20 token.
Upbit will support EOS mainnet token swap. #eosio #goeosgo @UPbitExchange @EOS_io @eosdac @EOSGravity @eosnewyork @eosforumorg @eosdubai @KOREOS_IO @EOSTribe @eosvibes_bp @eosva_i @eosphere_io @eos_UNION @BrendanBlumer @TBCox @EosArgentina @EOSfinexed https://t.co/jzadFikM2b
— EOS Italy (@EOS_Italy) May 2, 2018
Back to price action and it’s slow as it gets. Fact is EOS is up six percent in the last 24 hours but still, we are neutral with a mild bearish skew at least in the short term. In my view, $14 is a key support line and even though we have this belt of support between $14 and EOS recent ATHs at $18, we need to gauge the strength of bull to see if it’s safe to buy straight away.
That $4 range with lower limits at $14 is important to me and so unless we see a strong push above $20 today then I urge patience until we see indications of strong buy price reversals from recent lows.
When it comes to price pumps, nothing beats the Network Effect which at its core is all about adoption. In cryptocurrencies, there shall be a boom if there is even but a marginal percentage increase in retail adoption. As it is, hard data shows that Litecoin adoption trajectory is up, processing up-to 30,000 TX/s daily, and is poised to increase now that hopefully besides Argentina, we shall see more ATMS being launched in more countries.
From price action, Litecoin is in accumulation mode in the midst of an uptrend. That’s irrefutable unless otherwise. Yesterday, I recommended break out buys at $150 especially if a stochastic buy signal prints.
Currently we have a buy signal but we shall remain on the sidelines until we see a push and break above that minor resistance trend line at $150. Otherwise, conservative traders should wait for surges above $180 in the daily chart before looking for longs in the 4HR chart.
XLMUSD (Stellar Lumens)
Of all the coins in the top 10, price erosion is only visible in Stellar Lumens. Yes, we can see the same slide happening in the 4HR chart and sellers jumping in at around 45 cents. Coincidentally, this happens to be 5 cents away from our minor resistance and buy trigger line.
Because of this, yesterday’s Stellar Lumens price forecast is still valid. All we have to do is wait for reversals anywhere between 35 cents and 40 cents and more so when a stochastic buy signal prints. Alternatively patience for buyers to push prices above 50 cents before jumping in with the buy train can be a good trading strategy.
It’s obvious that Justin Sun likes taking the lead. In the past 24 hours, there have been two important announcements from Tron Foundation. The first being BTCC Pool will be running for Tron’s super representative. Secondly, CoinTiger EX shall list Tron as TRX where their customers can exchange their Yuan, Ethereum or Bitcoin for TRX. I believe this shall in the long run add to TRX liquidity which even the Tron Foundation wants to see.
— Justin Sun (@justinsuntron) May 2, 2018
Price wise, Tron is literally stagnant with a short term bearish skew. If bears push prices below the middle BB then I expect Tron to find support at 8 cents or there about. Ideally, I shall stay neutral until we have a sufficient retest of support or a stochastic buy signal or both. Before then, being neutral with a long term bullish stand and looking for buying opportunities on dips can prove lucrative.
After staying out in the cold for five days, there is a recovery in IOTA. It is now in the top 10, after adding 15 percent in the last 24 hours and replacing NEO. It might be because buyers are reacting to their MOBI announcement but well, that’s what IOTA is designed for. Undoubtedly, it operates efficiently in IoT environment and that’s what MOBI plans to further develop going forward.
— IOTA (@iotatoken) May 2, 2018
Price wise, IOTA is a straight buy following yesterday break above last week’s consolidation. Furthermore, as you can see in the 4HR chart, there is a stochastic buy signal following a break above resistance trend line. Because of this I recommend buys with targets at $3 and $4.5.
The post IOTA, Stellar Lumens, Tron, Litecoin, EOS: Technical Analysis for May 3, 2018 appeared first on NewsBTC.