It’s only 40 days away to EOSIO mainnet launch and EOS is literally exploding. With a huge bull candlestick and a 110 percent gain in the last month alone, buyers are deep in profit territory.
In my view, trading this coin is profitable as the pump before the well publicized launch will be inevitable but focusing on other coins as Litecoin and NEO would yield more profits.
From our altcoins technical analysis, there is gross undervaluation of the two especially Litecoin which is lagging and under-performing the general crypto market.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
Stellar Lumens Daily Chart by Trading View
Stellar continues to chart its way up. In the last 24 hours alone, it’s up seven percent and there is more room for expansion if we take a top down approach. Week over week, Stellar remains a top performer as it is up 29 percent and from our technical analysis, all that was needed was a break below 35 cents.
That didn’t happen and instead prices are now testing our main trigger line at 40 cents as price action sync with the weekly trend. I recommend buys at every stochastics buy signal in lower time frames with targets at 50 cents and 70 cents on the upside.
IOTA Daily Chart by Trading View
With tech companies lining up and publicly embracing IOTA, we can as well say this IoT facilitator will be a tech industry disruptor in years to come. So, to avoid being obsolete in the world of distribution and decentralization, shaping in and re-calibrating is the best approach for longevity. As it is, I’m net long IOTA and this should be a long term investment.
In the daily chart, IOTA prices are gaining but here is the only caveat. Regardless of the positive sentiment around this coin, there is a lower low and buy momentum is sure fading. Since it’s not a good strategy to fade trending markets, I’m still neutral.
I’m waiting for a correction towards $1.80 according to our previous IOTA technical analysis and until there is a correction of that BB bearish divergence. Any dips mean we load with targets at $3 as usual.
EOS Daily Chart by Trading View
In 40 days, EOSIO mainnet will be live. And yes, there is growing interest on this software/platform that promises to rival Ethereum. After BitFinex, Huobi is now tendering its interest on becoming an EOS block producer.
On the other hand, traders can buy or sell EOS in CoinOne. The later is interesting and supportive developments that should prop this coin in the long term.
Anyhow in the price chart, that rocket launch triggered our buys at $12 and as it is, waiting for a pullback before buying is OK. After all, the 29 percent spike in the last 24 hours is not normal and that’s why I expect price action to slow down today as buyers find opportunities to ramp up buys. Based on our EOS technical analysis, our immediate support should be at April 24 lows and the 32.8 percent Fibonacci retracement level at $12.
Litecoin Daily Chart by Trading View
Charlie Lee is now part of DMG Blockchain advisory board. The company involves itself in the mining business and MaaS. They obviously need Charlie’s expertise as they seek to grow and later they shall add Litecoin as the demand for mining services peak.
As it is, Litecoin is up nine percent and the best chart that shows this expansion is the daily chart. Evidently, $140 was where buyers found support and the explosion past April 21 highs is clear. Litecoin buyers should hunt for under-valuation in lower time frames and aim for $180 and $250 in line with our previous Litecoin technical analysis.
NEO Daily Chart by Trading View
With a monthly growth of 28 percent, I’m of the opinion that there is severe NEO under-valuation. Yes, NEO is up 10 percent in the last 24 hours but in my view, there is more room for upsides.
Because of this and the fact that prices are now towing with the trend, the best approach is to spread out buy entries in lower time frames. Ideal and immediate targets lie at $110 and $150 on the upside.
Source: Read Full Article