The altcoin market is back to green with LTC/USD adding six percent in the last 24 hours. At the same time, Stellar trade volumes are quite high as the market remain expectant of a probable listing at CoinBase after BAT expected support. All in all, we expect gains to continue throughout this week.
Let’s have a look at these charts:
EOS Price Analysis
It seems like the events around Bitcoin Cash software upgrade is lifting prices across the board. From the charts, EOS is up roughly three percent in the last day and poised to edge higher after horizontal range mode of the last 18 days or so. Though prices are still held within the bullish and high-volume Oct 15 bar, the simple fact that losses of Oct 29 have been reversed speak tones about the underlying momentum. It’s for this reason that we recommend aggressive type of traders to ramp up at spot rates with first targets at $7. Complementing stops should be equally tight at Oct 15 lows at $5.
LTC/USD Price Analysis
Boom! LTC/USD pair is the second top performer in the top 10 after surging six percent in the last day confirming our previous trade plan. Because of the high market participation and the comprehensive reversal of Oct 29 losses, it’s highly likely that the minor resistance trend line connecting the last two months high would be broken. Besides, LTC/USD bulls will surge recouping Oct 11 losses. As such, we suggest buys at spot with stops at $50 and first bull target would be at $70.
XLM/USD Price Analysis
All things constant, XLM/USD is poised for higher highs thanks to their rather stellar performance over the weekend. After Friday’s super gains strengthening bulls, price confirmations are encouraging. But, still 25 cents price tag is important and we must first see strong gains above this mid-range resistance and buy trigger line. From there aggressive traders should buy on dips or at spot with stops at 22 cents and first targets at 30 cents and later 50 cents.
TRX/USD Price Analysis
#TRON set a new record with 996,041 daily transactions on Nov 3 📈💥
Comparison on Nov 3:$BTC: 249,564$ETH: 505,015$XRP: 265,004
= 1019583 Total Txs#TRX is a mere 23,542 Txs from beating the combined daily transaction volumes of #BTC, #ETH & #XRP!#IAmDecentralized 🖖🏽$TRX pic.twitter.com/zaMtAjVRB1
— Misha Lederman (@mishalederman) November 4, 2018
It appears as if the revival of the crypto market is boosting the number of transactions within the Tron platform. According to Justin Sun, the founder of the platform and a crypto celebrity, TRX related transactions printed 990k transactions on Nov 2 which is double that of Ethereum. At the same time TronDice has so far paid out 200 million of TRX—approximately $4 million.
On to the chart and TRX/USD is trending inside a rising wedge. Following the last day gains we now have a three-bar bull reversal pattern, the morning star printing from around the support trend line rejecting attempts of lower lows meant to confirm Oct 11 huge losses. In any case, we need to see a confirmation of these gains and today should edge higher. Should it print today then we suggest small size buys with first targets at 3 cents and later 4 cents. However, risk-averse, conservative traders need to see rallies above 3 cents or 4 cents before buying.
ADA/USD Price Analysis
Two things are clear: first, we have a spike in market participation supportive of buyers and the result is a break above resistance trend line. Secondly, ADA/USD is bouncing off 7 cents cementing our last price forecast. Now, because of yesterday’s price expansion, we recommend aggressive traders to buy at spot with stops at 7 cents and first targets at 9.5 cents and later 12 cents. On a more conservative approach, traders need to wait for gains above 9.5 cents or Oct 15 highs before buying. Thereafter first targets will be at 12 cents where breakouts will see rallies towards 20 cents.
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.