Altcoins are making a comeback and none stands out like Stellar Lumens gains. CoinBase’s announcement and Tempo’s integration might be behind this but what is clear is that price action now favors buyers.
EOS and Litecoin are also recovering and looking to reverse May-June losses while Tron is now handing over their bug bounty program to HackerOne. Overly TRX is registering gains and is actually up five percent in the last day.
Let’s have a look at these charts:
EOS Technical Analysis
Unlike most dApp and smart contract platforms, EOSIO is unique introducing things as RAM. Now, the only caveat that is now proving prohibitive and repelling for developers is the fact that they have to purchase RAM, a speculative item, for them to launch dApps at.
At current EOS and RAM/USD exchange rates, the cost of each account stands at around $10 and this is now what the community wants. They need a long term solution to bring down the cost of account creation and there is a proposal of introducing EOS Dollars (EDR) stable coins pegged to the USD.
These EDRs run through smart contracts creating EDR sub-accounts and slashing the cost of account creation.
In the last 24 hours, EOS remains the top performer adding six percent and inching higher from $7, our intermittent support line.
Our previous stands remain constant and my suggestion is to either buy at current prices with stops at $7 or wait for breaks above July highs at $9 and load with targets at $15.
The only undoing for this projection is if sellers reverse these gains hitting our stops at $7.
Aside the Litecoin recovery, we have a nice double bottom after June 28-30 and last week’s revival.
Well, yesterday’s trade plan seems to be panning out alright and for conservatives, break and close above $90 would trigger buys on dips with targets at $110 inside this bear break out trade strategy.
After yesterday’s strong bullish engulfing candlestick, our buy triggers are set in line with yesterday’s trade plan.
Note that there are remarkably high transactional volumes behind this move up and that’s not all, Stellar Lumens buyer are injecting momentum right at April and 2018 lows at 15 cents. So, as before, our bull targets would be at 30 cents and later 50 cents.
The art of delegation and marketing is what the Tron Foundation and Justin Sun have perfected over time.
First, their TVM will officially launch at the end of the month and there is a countdown on their site and secondly, Tron Foundation is delegating their Bounty Bug program to HackerOne effective immediately.
Check out the winner list of #TRON Github Bug Bounty program, 5 winners got rewarded with $25K. We welcome everyone to participate in the HackerOne Bug Bounty! Thanks for your support. #TRX $TRX https://t.co/cTbFPcZxzE
— Justin Sun (@justinsuntron) July 14, 2018
In their last bug bounty program, Tron paid out $25,000 to five different white hackers for pointing our technical vulnerabilities in their source code and the foundation is willing to pay more even though that task will be ran by HackerOne.
All in all, Tron (TRX) is on an up-trend adding five percent in the last hour. While these are positive developments, we shall stick to our previous plan and wait for TRX prices to close above 4 cents before initiating longs.
That’s a cautious approach because after all, TRX is trending within a deep bear trend and these higher highs might end up being pull backs—the last five day average trading volumes is relatively lower than the last 10 daily average volumes.
It’s obvious that sellers are waning out and that 90 cents is turning out to be a strong support line. After days of sellers wrecking havoc and pushing prices below $1, IOTA is now finding support and building momentum aiming to break above $1.3 in the coming days.
Well, this is possible but first, what we need for assurance is bulls to edge past July highs ad trigger our longs. Before then, risk-off traders can begin loading longs with stops at 90 cents as they aim for a common first bull target at $2.
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.