Technical Analysis for April 28, 2018

While we were generally expectant of a follow through, bears stepped in and reduced last week’s buy pressure. However, our buy projections remain valid since most coins are in the green territory, one week later. Even as EOS cements its spot in the top 5, I see potential in Litecoin and IOTA which continues to court headlines.

Let look at these charts:

EOSUSD (EOS)

It’s consistency that draws value over the long term and that is what we are seeing if we consider EOS and its value in general. To begin with, prices are up 2.5x since Dawn 3.0 launch and why not, the update came earlier than anticipated.

At the moment, crypto space commanders are battling to become block producers while other start ups are readying to launch their products at the EOSIO mainnet. On the trading front, some exchanges as ZebPay are listing EOS in the process increasing its trading volume and liquidity.

On the charts, EOS is up 17 percent in the last 24 hours amassing a market cap of $14.26 billion and cementing its position in the top five. In my view, EOS should add more as it looks to clear this year’s highs of $18.6. In the coming week, I expect EOS to appreciate higher and as such I recommend buying on dips. As such, our immediate support lies at $14 or the 23.6 percent Fibonacci retracement level.

LTCUSD (Litecoin)

VPE a German OTC is now offering opportunities for whales to invest in promising digital assets as Bitcoin and Litecoin. As it has been the case world over, the unregulated nature of cryptocurrencies is the assets undoing as it freezes out institutional investments. With this, investors can now trade in a secure environment as it meets all of the statutory AML and KYC requirements.

From price action, we still hold to our bullish forecast and in the last 24 hours or so, Litecoin is up three percent with a market cap of $8.51 billion. Even though the expansion is moderate and under performs our expectations, we still expect prices to edge higher today. As before, Litecoin buyers should buy on dips with every stochastic sell signal and aim for $180 and $240 in line with our previous recommendations.

XLMUSD (Stellar Lumens)

The crypto sphere is not as solid as it was last week but regardless of this shaky week, Stellar Lumens is registering impressive gains. In the last seven days, Stellar is up 10 percent but this is still a shadow of what it was this time last week when it was up in the excess of 25 percent.

In my view, whether Lumens will test $1 is still a subject of debate and for that to happen we need to see strong partnerships. If the market continues expanding like it has been doing then we shall keep our strategy intact.

As it is, we have bullish stochastics in the 4HR chart but nothing concrete in the daily chart. I recommend patience for conservative traders until prices breach 50 cents. On the other hand, aggressive traders can as well buy now and place their stops at this week’s lows at 33 cents. Nothing changes as we shall still maintain our take profits at 70 cents or there about.

IOTUSD (IOTA)

It’s the application part that draws attention and not big talks. After a host of top notch tech players towed in, Fujitsu and Intel are now partnering to create this “AI, IOT machine vision that runs on Xeon processors”. Of course, this is big for IOTA. It’s even gets better.

If you register with Coinfalcon, there is an IOTEUR pair for your selection.

In our daily chart, it’s clear that prices are still in consolidation mode and oscillating within April 25 high low. We shall be neutral with a bullish skew as per our previous IOTA technical analysis. I recommend patience until there is a stochastic buy signals printing at around $1.60 in lower time frames or buyers pushing prices beyond $2.20, our immediate resistance. Because of this trade plan, our immediate take profit lies at $3 and $4.5 in the short term.

NEOUSD (NEO)

Not only are NEO prices stagnant but there haven’t been price moving news in the last couple of days. Yes, NEO is up five percent in the last 24 hours but we don’t have market moving events. What is now available is that Aphelion wallet has been updated and is available for download while NEX is letting their supporters know their ICO progress.

Week over week, NEO is down one percent. As long NEO is still trading within April 25 bearish engulfing candlestick we shall remain neutral. I would like to see support at the middle BB at around $65 to $70 else buyers can enter this trade if prices move past $90. As before, NEO bulls should aim for $110.

 

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