Generally, altcoins are on a downtrend and as long as Bitcoin is under immense sell pressure then they shall continue printing lower lows that’s unless there are specific coin news to jolt prices altering our Litecoin, Stellar Lumens, EOS, Monero or Cardano price analysis
Let’s have a look at these charts:
EOS Price Analysis
Even though EOS is now the fourth valuable coin in the space thanks to the upheavals at Bitcoin Cash, the coin’s valuation is on a decline just like the market is.
After all, as far as altcoin and EOS trading is concerned, investors and general market participants are trending on tight margins and lose ground. By all accounts, bears might be slowing down but our previous EOS/USD trade plan is still valid as long as prices are below $ 4—our immediate resistance line and previous support.
Like before, it will be ideal if we see a pullback towards $ 4 providing another opportunity for traders to unload their EOS further fueling drops towards our ideal bear target at $ 1.5. However, drops below Nov 25 lows of $ 3 could invite more sell pressure fast-tracking drops towards our bear target.
Litecoin Price Analysis
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There is a temporary reprieve for Litecoin investors. After days of unforgiving lower lows, LTC/USD is now stable and ranging along $ 30, our minor support line.
In line with our previous LTC/USD trade plan, we shall retain a bearish outlook but before bears resume trend, LTC might consolidate or bounce back towards $ 40 before slumping.
But, should that not be the case and prices drop below $ 30, then we suggest traders to unload LTC once there is a full bar closing below $ 30. Once that prints then it is likely that LTC will drop to $ 20.
Stellar Lumens Price Analysis
After months of horizontal consolidation within a 15 cents range with caps at 30 cents and support at 15 cents, Stellar Lumens finally broke below 15 cents confirming the bear breakout pattern of early June.
Because we now have a clean break below 15 cents support, both set of traders can begin unloading Stellar Lumens according to the last XLM/USD trade plan with first targets at 8 cents despite XLM dropping 90 percent from 2017 peaks.
Safe stops will be at Nov 25 highs at 17 cents but if this stop is hit then we shall revert to neutral.
Cardano Price Analysis
ADA is down to 10th on the liquidity list following 13 days of declines that has since seen ADA/USD print new lows. From previous ADA/USD price analysis, we had recommended that traders unload their holdings once there are strong losses below the main support—now resistance level at 6 cents.
Now that this has come to pass, traders can continue selling at spot with stops at 4.5 cents and let the trade roll with no definite target. The only time we shall cancel this bearish preview is when there is a clear bullish pump with strong market participation.
Monero Price Analysis
Yesterday’s nine percent loss mean Monero—XMR is down to 11th and poised for more losses as XMR/USD broke from $ 70—previous support now resistance.
In a clear bear breakout pattern, we expect bears to step up and drive prices towards Q2 2017 lows of $ 30. In that case and as the path of least resistance is clear, traders ought to unload XMR with stops at $ 70 with first targets at $ 30.
All Charts Courtesy of Trading View
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.