Bitcoin, Tron, Stellar Lumens, Litecoin and EOS Technical Analysis June 27

Regardless of heavy and probably market moving events of various alt coins, Bitcoin valuation continues to anchor price action. We have already seen the coupling effect whenever BTC slides. Anyhow, after periods of assurance from the Tron Foundation and Justin Sun, TRX prices are still struggling in the face of marauding bears. It’s down five percent in the last day and if this depreciation continues and BTC breaks below $6,000, we might as well see TRX prices printing 2.5 cents in the coming days.

Let’s have a look at these charts:

Bitcoin (BTC) Technical Analysis

Bitcoin BTC Daily Chart June 27
Click here to see the full size Bitcoin BTC Daily Chart June 27

Facebook banning of cryptocurrency and ICO ads early this year came as a shocker to many. At that time ICOs were trending and cryptocurrencies as Bitcoin were trading at record prices. This declaration by Facebook helped damp down prices and we must say, it was a reactive move by the social media giant demonstrating how influential and dominant it is in their space.

Now, Facebook is changing that narrative after updating their “prohibited products and services policy”. Admittedly, their policy was wide and stretched ensuring that they efficiently detected “deceptive and misleading advertising practices” of which all cryptocurrencies regardless of their social proof fell under. So, with their re-evaluation, only pre-approved cryptocurrency advertisers would advertise after submitting an application proving their legitimacy.

At current prices, Bitcoin is trading near this year’s lows at $6,000. From previous trade plans, our analysis anchors around this price level and influence our overall trade strategy. The reasoning is simple: $6,000 is obviously a strong support line that would either make or break BTC. It’s all dependent on if there is a break below or support at this price tag.

If the latter is the case, then we need to see injection of volumes resulting in a bullish engulfing pattern. On the reverse side, should there be a break below, then it’s going to be a long way down to $4,500 or $3,000 on the lower side. Until that happens, we remain neutral.

EOS Technical Analysis

EOS Daily Chart June 27
Click here to see the full size EOS Daily Chart June 27

The general governance structure guiding EOS is controversial to say the least. While it’s clear that EOSIO modus operandi prioritizes throughput and network scalability at the expense of blockchain’s objectives of decentralization, the overall fact that EOS whales benefits calls for further scrutiny. It even questions why Block One needs a blockchain in the first place. All things constant, the fact that the fifth largest blockchain in the world needs 21 block producers to validate transactions within the network underpins their current woes and heavy criticism the network is facing. Squeezing things further is an unverified screenshot is doing rounds purporting to show a block producer being dressed down for failing to implement an ECAF account suspension directive.

Price wise, our trade plan remain constant. Like Bitcoin and the rest of the coins, the path of least resistance southward. Now, as long as EOS prices are trading below our immediate resistance at $9, traders should look for shorting opportunities in lower time frames and aim for the main support line at $4. This projection would only be negated should we see appreciation past $9 in the days to come.

Litecoin (LTC) Technical Analysis

Litecoin LTC Daily Chart June 27
Click here to see the full size Litecoin LTC Daily Chart June 27

Since inception, Litecoin continues to position itself as an alternative to BTC. That’s why it has faster block confirmation and more coins in circulation. All this was by design and solely meant to spur merchant adoption. Over time though and with increasing adoption, network fees are on the rise and while LTC’s isn’t that prohibitive for micro-transactions, exciting development and direct implementation of the Lightning Core sometimes in January was a precursor for better things to come. Abra and atomic swaps capabilities are present. But with LN C-Lightning 0.6 release in beta, we anticipate a more fluid network with cheaper fees, lighter nodes and better privacy thanks to Tor integration.

In the past day, Litecoin is down seven percent and the way technical are aligned, there is more room for bears. Now, as mentioned before, as long as prices are below $90 we shall continue selling with aims at $70 and later $50. It’s going to be a tall order for buyers to reverse this because they must print above $90 to invalidate this trade plan. Before then, selling on pull backs in the 1 and 4HR charts is my recommendation.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens XLM Daily Chart June 27
Click here to see the full size Stellar Lumens XLM Daily Chart June 27

Fundamentally, Stellar Lumens is averse with news. Probably driving short to medium term prices are domino effects of the overall crypto verse market sentiment. As the daily chart shows, week over week, XLM is on a slide and prices are struggling to tame sellers.

So far, prices are down seven percent in the last 24 hours and after that spike in sell volumes yesterday, our sell stand is still valid. Now, as long as prices are below 20 cents, selling on every high with targets at 15 cents and 20 cents is an applicable trade plan suiting these developments.

Tron (TRX) Technical Analysis

Tron TRX Daily chart June 27
Click here to see the full size Tron TRX Daily Chart June 27

It is quickly turning out that Pornhub is not that faithful partner as Verge found out one month into their marriage. Justin Sun’s is a marketer and after periods of lip service, Pornhub will now be accepting TRX and Zen Cash. Acknowledging the widespread use of cryptocurrencies and the way they prioritize user privacy, the 30th largest site in the world found them to be irresistible as they offer that perfect channel for clients seeking to upgrade to premium subscriptions.

We cannot deny the fact that the launch of Tron mainnet launch has been full of fanfare and sky rocketing expectations from supporters. Yes, there were no bugs reported during the testing period but the simple fact that the super representative delay was delayed didn’t bode well with price. TRX is down five percent in the last 24 hours and trading below the main support line at 4 cents. Because of this, my recommendation is to sell with stops at June 26 highs at 4.3 cents and targets at 2.5 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.

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1 COMMENT

  1. Dalmas,
    Based on all of your articles it looks like your thinking Tron will bottom out at 2.5 cents correct?

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