Tron, Cardano Could Lead Altcoin Break outs
Thanks to a one percent gain in the last day, Cardano is the top performer in the top 10 with Tron leading after adding 1.5 percent.
All in all, we anticipate gains today and that’s why we recommend buying on dips at spot rates with stops at fitting support levels. In the meantime, patience should prevail in XLM, EOS and in Litecoin since prices are still below key resistance levels.
Let’s have a look at these charts:
EOS Price Analysis
As the week concludes, EOS price continue to oscillate within a tepid $2.5 trade range with clear resistance at $7, our main buy trigger line. Like it has been the case this week, we hold an upbeat outlook on price expecting higher highs in days to come following an 80+ percent correction this week.
Therefore, unless price breach the minor support trend line over the weekend, the culmination of a 14-day consolidation would be up-thrusts. Thereafter we shall recommend trading in line with our previous EOS trade plans with first targets at $9, the upper level of our resistance zone.
Litecoin Price Analysis
Momentum did taper yesterday and the one percent loss in the last day best describe that low volatility. Generally, despite this waning momentum, our last Litecoin price forecast is solid. From our previous price analysis, our expectation as the week close is bulls to cement their position in a bottoming market and perhaps clear $65 and later $70 triggering buyers.
On the reverse side, any meltdown below Sep 25 lows at $55 could fast-track retest of $50. Because of the overall bear momentum, sellers driving Litecoin below $45 could lead to losses towards $30. Conversely, gains above $70 confirm Mike Novogratz’s bottom as buyers aim for $90 and $110.
Stellar Lumens Price Analysis
There is inactivity as far as Stellar Lumens price movement is concerned. In fact, XLM price is flat and still moving below 25 cents. Ideally, what we would like to see is a surge in volumes and a bull bar closing above 25 cents triggering buys.
Nonetheless, the fact that XLM is finding support inside Sep 23 high low mean bulls are in control merely from an effort versus result position. Otherwise, declines below 22 cents nullify our Stellar Lumens price proposal. On the other hand, gains above 30 cents is inviting for risk-averse traders targeting 50 cents.
Tron Price Analysis
Presently, Tron is up roughly two percent complementing yesterday’s gains and forecast. Because of the prolonged consolidation, our expectations have been met and we anticipate further gains this weekend. As such, we suggest aggressive traders to buy at spot with stops at around 2 cents. First target remain at 3 cents as laid out in our previous Tron trade plan.
For risk-averse traders, buying opportunities will be present once there are moves above week ending Sep 23 highs at 2.5 cents. Even so, sellers’ attempt to fade this projection cancels our overall stand and could trigger further degradation towards August lows.
Cardano Price Analysis
In a ranging market, a one percent addition in ADA mean the coin is a top performer in the top 10. That’s not to mention buyers who are back thanks to those two bull candlestick reversing from Sep 27 lows. Price wise, we retain yesterday’s Cardano positive outlook.
Therefore, and mainly for assurance, we suggest patience until after there are clean surges above the minor resistance trend line and 9.5 cents. Afterwards, risk-off traders can ramp up on dips with first targets at 12 cents—another buy trigger and resistance line. Minor support line and stops lie at 7.5 cents and should it be breached today then we shall revert back to neutral.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.