After days of lower lows and dry fundamentals, Stellar Lumens—XLM/USD, Cardano—ADA/USD and IOTA—IOT/USD pairs are trading within a bullish breakout patterns and likely to print higher as the week close. But still, we shall maintain a bullish outlook on EOS/USD and LTC/USD aware that if the latter find support at $50, odds are prices will rise above $60 igniting buy pressure.
Let’s have a look at these charts:
EOS/USD Price Analysis
In the midst of relentless sell pressure, EOS/USD upsides have been clipped. So far, prices are down 2.5 percent in the last day but still clinging on bullish in the weekly chart adding 2.5 percent from last week’s close. Like in our last EOS/USD trade plan, we shall retain a neutral outlook with a bullish skew aware that prices are down +80 percent from 2017 highs.
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As such, EOS is likely to recover as prices consolidate inside a $3 range with clear supports at $4 and resistance at $7. If today close lower then odds are EOS/USD will slide towards $4 and in that case aggressive traders can would load at spot with stops at around $6 and first targets at $4 for a 1:1 risk reward ratio.
LTC/USD Price Analysis
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Then, Litecoin developers say, network fee will be slashed by a factor of then disadvantaging miners but benefiting users.
While the network usage increases, LTC is down two percent in the last day and cents from $50, our main support line and sell trigger line. All in all, we recommend patience as reiterated before aware that any decline below $50 causing a whole bear bar to print below $50 would be inviting for sellers aiming at $30.
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Concurrently, now that LTC is down and trending around key Fibonacci retracement level from 2017 highs, bulls expect LTC/USD to find support at $50. In case that happen, then we shall recommend a wait and see approach until prices race above $60 or Oct highs. Thereafter, aggressive traders can buy dips with stops at breakout bar lows and first targets at $70.
XLM/USD Price Analysis
Leading the market is stellar Lumens which is up roughly one percent in the last 24 hours validating our last XLM/USD trade plan. Despite lower lows and consolidation in lower time frames above 25 cents, we were bullish suggesting buys on dips with first targets at 30 cents and later 50 cents.
After yesterday’s resurgence, traders can enter at spot with stops at Nov 6 lows and first targets at 30 cents. The only move dismissing this view reverting us back to neutral is if there is rejection of higher highs damping XLM back as gains are reversed hitting our stops.
If not and bulls rally past 30 cents in a bullish breakout pattern, then both set of traders can load at spot with first targets at 50 cents and stops just below 30 cents.
ADA/USD Price Analysis
Though the market is struggling against sellers, the simple fact is that ADA/USD is trading within a bullish breakout pattern.
And to reiterate, as long as ADA is above 7.5 cents and inside Nov 4 high low, we recommend buying at spot with stops at 7 cents—our minor support and first targets at 9.5 cents since risk reward ratios allow.
Otherwise, conservative traders can stay on the sideline until a high-volume bull bar print triggering buys above 9.5 cents. On the flip side, losses below 7 cents and later 6 cents would be negative to ADA/USD as prices could sink and register new ATLs.
IOT/USD Price Analysis
Like Cardano, IOT/USD is trading within a bullish breakout pattern following Nov 4 close above the two month resistance trend line. From candlestick arrangement and yesterday’s resistance of lower lows, it seems as if bulls stand a chance.
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Therefore, we suggest aggressive type of traders to pick at spot with stops at 45 cents or Oct 11. First target will the buy trigger line at 60 cents and thereafter both set of traders can add their longs as they eye 90 cents and later parity.
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.
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