After 8-months of consistent lower lows, altcoins are finally recovering as sellers lose steam. Evidently, not only are traders unwinding their tight sells resulting to clear recoveries in Tron, EOS and Stellar, but we might see a reversal in ADA. Cardano (ADA) is trading below it’s all time lows and bear target at 7 cents and even with solid volumes on Sep 12, bulls didn’t follow through yesterday.
Let’s have a look at these charts:
EOS Price Analysis
From the News
- HitBTC, a crypto to crypto exchange has made EOS, a base currency in a sphere that is dominated by BTC as settlement. This is definitely timely for EOS and coincides with a time when prices are turning for the benefit of coin holders. Undoubtedly, this announcement will go a long way in lifting the overall liquidity of EOS and that of the exchange boosting price as a result.
A 10 percent gain in the last day means EOS prices did break above the last day consolidation. Therefore in line with our last EOS forecasts, conservatives should stay on the sidelines only until after buyers gain enough momentum to drive prices above Sep 5 shadows and $7 on the upside.
In the mean time though, risk off traders can begin initiating small volume EOS buys with stops at $4.5 and first targets at $7. This is so because of yesterday’s high volume bullish engulfing candlestick.
Tron (TRX) Price Analysis
From the News
- TRX is now available at Cobinhood and will be listed from Sep 17 at Bittrex according a tweet from the US based exchange.
- Satowallet Exchange now supports TRX and with it, users transacting using TRX will not be charged any fees while at the same time enjoying free crypto to crypto exchange within the same wallet.
With a double bar bull reversal pattern printing yesterday, we now have a clear double-bottoms at TRX daily chart. Because of this, we suggest exiting Sep 5 shorts and instead initiate low volume longs with immediate targets at 2.7 cents to 3 cents in the short term as we sync with our previous price forecast.
However, the only advice for now is for traders to avoid rush buys and instead risk averse traders should wait until after buyers breach and close above 3 cents and Sep 5 highs. Before then, reasonable stops for short term longs remain at Aug 14 lows at 1.6 cents.
Stellar Lumens (XLM) Price Analysis
The thing is, it is not yet ripe for traders to conclude that bulls are in charge. After all, sellers have been continuously pushing for lower prices in the last eight months and it will take a lot of effort for buyers to reverse that within days.
From the chart, not only are sellers still trading below 25 cents but the upper limit of the consolidation after Sep 5 continues to cap gains.
So, in line with our previous XLM projections, we suggest taking neutral stand until after bulls close above 25 cents.
Cardano (ADA) Price Analysis
One thing is clear: a long as ADA prices are still trending below 7 cents, the coin’s ATLs, then our sells are valid. This is regardless of the general recovery in the altcoins market which has seen several coins print double figures. From our last ADA mentions, stops should be maintained at 8 cents with no definite targets. Exits depends on whether our stop is hit today or when clear reversal patterns print in latter dates.
IOTA (IOT) Price Analysis
From the News
- IOTA Foundation has released Qubic’s road map.
- ElaadNL will soon facilitate the implementation of the first IoT based, IOTA accepting charging points for EVs.
The markets might be on a recovery path but IOTA’s are stable to say the least. Notice that despite yesterday’s gains, prices are yet to break above or below the upper and lower limits at 55 cents and 50 cents.
And even when they do, technically sellers would be in charge until after we see strong gains above 80 cents or Sep 5 highs.
However, considering the general market recovery, any breach above 55 cents shall trigger moderate size IOTA buys with 90 cents as first targets.
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.
Coins image via Pixabay.