It’s no secret that EOS is a promising project, but there’s no shortage of drama. After several voting issues, RAM speculation dominates the headlines and bans DApp implementation because RAM is expensive. In this case, Litecoin and Stellar Lumens (LTC) find support. In my view, IOTA looks promising and with it printing a double bottom on the daily chart, the chances are good we will see gains in the days to come.
Let’s look at these diagrams:
Technical analysis by EOS
EOS Daily Chart by trading view
The odds are negative for users looking to use the EOSIO blockchain to run a DApp or run a smart contract. It’s about RAM, a network-level resource that is at the center of speculation. It turns out that block producers are working together to systematically increase RAM prices at the expense of real network users.
The prices for #EOS RAM are now more than 1000x the market price for server RAM * 42. The load is negligible, people play Lambo games on it. Block producers claim they need more data before adding more (really?!?). Dapp developers stay out in the cold. Let’s fix this asap. pic.twitter.com/vP7Lqd5VoS
– ZeroPass (@zeropassio) June 28, 2018
For lack of better words, some Redditors call this “insider trading”. It smells like you and why not? With the supernode centralization, you can determine the amount of RAM in circulation and the price of the expansion.
And it doesn’t matter what you argue. Common sense dictates that the amount of RAM on offer is irrelevant. BPs can quickly speculate about how much RAM needs will be in the future and benefit from this inside knowledge at the expense of the common user. Currently, 0.11 EOS is required to purchase 1 KB of RAM.
With DApp being violated due to RAM speculation and hoarding, EOS is relatively stable. It found support at $ 7 and could find its way up. The thing is, we are still bearish on EOS regardless of this “general rebound” until we see prices rise well above $ 9. That is our immediate line of resistance. After that, I would suggest buying on dips as traders are aligning with a bull breakout pattern.
Litecoin (LTC) technical analysis
Litecoin Daily Chart by Trade View
The Winklevoss twins are important in the blockchain ecosystem and have been in this cycle for some time. In their view, Bitcoin has the portability property that makes this “digital gold better than gold”. Both share the elements of fungibility and scarcity that make them so valuable. In contrast to Bitcoin, they think that Litecoin is just a test net, a laboratory for Bitcoin and the developers behind Litecoin didn’t risk anything big. That is why it has a relatively low market capitalization.
Winklevoss Twins # Bitcoin could have a market cap similar to gold, which is currently valued at $ 7 trillion. Bitcoin has a “potential 30- to 40-fold appreciation,” which would put the Bitcoin price above $ 320,000 per market value
at least $ 4 trillion $ BTC
– Crypto Expert (@CryptoBest) June 30, 2018
The daily CoinBase chart shows that LTC found support around USD 70 with a nice confirmation of the bullish pockets on June 29th. It goes perfectly with the BTC prices. There is unduly a wave of optimism, but I contend that the sellers are responsible. That’s until we see buyers safely pushing prices above $ 90 or more above the June 22 highs of $ 100, confirming that there has indeed been a shift in momentum and that buyers are in charge .
This is a low key approach and not limiting for buyers who want to get in earlier and risk less. In this case, buy at current spot rates with stops at $ 70 and aim for $ 110 as your immediate buy targets. After all, the volumes on June 29th were high compared to the last 10 trading volumes.
Technical Analysis of Stellar Lumens (XLM)
Stellar Lumens Daily Chart by trading view
Of all the coins, Stellar Lumens prices appear to be bottoming out. For example, it’s up 3 percent in the past seven days as XLM buyers begin reversing losses from May to June. In my view, if there are price increases above 25 cents, we could see a W formation and a double bottom completed. Once that happened the momentum would have changed and I suggest buying retracements in shorter time frames. Before them, let’s take a neutral approach and finish with shorts.
Technical Analysis by Tron (TRX)
Tron Daily Chart by trading view
The Tron Foundation and Justin Sun are doing everything they can to support the TRX awards. Since launch, 50 billion TRX coins have been burned. Fortunately, we haven’t seen any network-related problems or things like that that lead to the network stopping. The only problem is that most of the TRX coins are held by exchanges, especially Binance, which purposely locks coins for security reasons. This certainly hinders the election of the super-representatives, which is still going smoothly.
49.490.749.752.120578 # TRX ERC20 tokens were burned by the #TRON Foundation. https://t.co/2iF859kHyP
– Justin Sun (@justinsuntron) June 30, 2018
In the charts, TRX attempts to get above 4 cents were unsuccessful. So we will remain bearish until then. Remember, this is the only way for buyers to step into an otherwise bearish market. Should prices fall below the lows of June 29 at around 3.3 cents, sellers should look for withdrawals in shorter periods of time and sell with a target of 2.5 cents. Stops would be at 4 cents.
Technical analysis of IOTA (IOT)
IOTA Daily Chart by trading view
After yesterday’s price move and the rebound from the lows in April, we now seem to have a nice double bottom. Note that bulls have followed bullish candlesticks with respectable trading volumes through the past three days.
Ideally, we would like to see a full reversal of the June 22nd bearish engulfing pattern, but that then means buyers must have a head start of over $ 1.3 to validate that level. I would suggest that, but chances are hawks could push prices down there. Hence, my trading plan is to buy at current prices with stops at 88 cents and targets at $ 2 or June highs.
Disclaimer: The views and opinions expressed are those of the author and are not investment advice. Trading of any kind carries risks, as does your due diligence before making a trading decision.