It’s only 10 days before Tron snapshot begins and while we expect a vibrant Tron as investors shuffle to login to their respective exchanges, prices might end up on a high. Anyway, like Tron, the same pattern might pan out in IOTA now that IOTA prices are finding support and rejecting $1.5. Other than these two coins of interest, EOS and Litecoin are promising prospects. After Gemini listing, look to enter on every low when trading Litecoin and aim for $180.
Let look at these charts:
Rob Jesudason, the former CFO of the Commonwealth Bank is trending. He quit the bank and is now part and parcel of Block.One and EOSIO in that case. This move is timely and might even turn out to be the much needed impetus for cryptocurrency dominance. However, while the vibe is good, we need to look underneath the covers: Is this what the blockchain needs? Will the defection of seasoned bankers help propel blockchain companies?
— EOS (@EOS_io) May 13, 2018
This consolidation we have been seeing in the past two or three days means there is no support of EOS. A quick look at volumes gives but a clear picture of what I’m talking about. The average volume since May 13 is less than half of what we saw from May 10. Regardless, look at those lower wicks. Those are bull pressures and as long as there is no retest of $12, we remain net longs with short term triggers at around $16.
In the days to come, Winklevoss Twin’s Gemini shall provide support for Litecoin. This follows approval from the New York Department of Financial Services (NYDFS), a regulatory arm that oversees Gemini. Gemini is a regulated exchange, so this makes sense.
Litecoin is the not the only coin, Bitcoin Cash and ZCash are some of the coins where Gemini users would be in a position to make deposits and trade with. Topping this is the good news that Litecoin is now compatible with Blocknet protocol. In a nutshell, cross-chain transactions between these two independent blockchains are now possible. Litecoin focuses on retail adoption so merchants and users are set to benefit. Let’s not forget that users can either pay in Litecoin or fiat.
Gemini will be adding Litecoin! https://t.co/cftDatQv1Z
— Charlie Lee [LTC] (@SatoshiLite) May 14, 2018
Anyway, after periods of uncertainty, Litecoin is up two percent and it is actually the only coin in the positive territory. As long as we have green candlesticks, our previous analysis holds true. Because of this development, we anticipate proper take profits at $180 as long as prices are above $130.
XLMUSD (Stellar Lumens)
Even though we have a slight dip in Stellar Lumens daily average range, bulls are in charge. Notice that that apart from those bullish soldiers and generous higher highs, volumes are picking up. This means Stellar Lumens is finding support. As such, buying on dips on lower time frames with stops at 30 cents and immediate targets at 50 cents in line with yesterday’s analysis can be a good trading strategy.
Ahead of the mainnet snapshot, Tron is reversing previous losses. Though it’s still in the negative territory, erosion is not as deep as last week’s. Like EOS, Tron would follow the same protocol and coin owners at different exchanges need not to register tokens. Instead, Tron shall rely on exchanges to do the snapshot of individual owner’s coin balances.
Clearly, TRX buyers are rejecting lower prices as they find support at around 6 cents. Besides high volumes, yesterday’s candlestick had a long lower wick meaning buyers are trying to trend in lower time frames.
Now, here is the thing. I expect immediate resistance at 7.5 cents or May 11 highs. If there is any attempt to break it accompanied by abnormal volumes, then that would be an automatic buy. Otherwise, any break a below May 13 lows at 6.5 cents will likely send Tron back to 6 or even 5 cents.
Price action is towing according to yesterday’s trade plan. Better still, our entry proposition remains valid after IOTA buy pressure. Like Tron, we have a long lower wick signaling rejection of lower lows. Then again, if you look keenly at yesterday’s price action then you notice that despite high volumes, prices didn’t dip instead there was a rise. So, we shall trade as per yesterday’s trade plan and aim for $2.5 and $3 in the short term.