DASH, Monero, Stellar Lumens, Tron, Litecoin Technical Analysis (May 21)

If using the weekends price action, indicators point to prices moving higher today. Most of the top ten altcoins in the liquidity table are now in the green in the last 24 hours.

We should generally watch how prices oscillate going forward and any surge should be pointers of trend continuation or reversal in line with our trade plan.

Let’s take a look at these charts below to see how things are unfolding:

DASH/USD (DASH)

Week over week, DASH is down five percent in the last week alone. While there are hopes for possible price recovery despite Japanese regulator FSA forcing Coincheck to drop or delist privacy centric coins of which DASH is one of them, DASH prices are finding support.

It’s obvious that bears are in charge and our trade plan is simple. If sellers manage to push prices below May 18 lows at $370 and instead a bull candlestick prints today, then buyers can ramp up their longs and aim for $560. That’s April 24 highs. On the flip side, if there is a sell trigger accompanied by high volumes, then $280 looks good for sellers.

 XMR/USD (Monero)

A while back CoinCheck was hacked and a reported $530 million in NEM stolen making it the biggest coin heist in the world. Of course, the amount which investors lost was a shock but luckily every one affected accounts were reimbursed. As a follow up, Coincheck shall delist Monero and a couple of other privacy coins by June 18, 2018. As such, customers are asked to transfer their coin holding to third party wallets or other exchanges lest their coins liquidated to the Japanese Yen and credited to their respective accounts. This is simply a reaction forced to do so the FSA and already Coincheck explained to their customers saying this was due to “review in businesses practice” and they won’t be working “coins that were of little concern”.

If we really want to see how Monero have been performing then we should check May 11 candlestick. There we had a strong bear candlestick syncing with the bearish trend and afterwards, the market went into a consolidation. This is a sign of exhaustion and a potential mid range accumulation or distribution. In line with this, Monero buyers can only take longs when prices move past May 15 short covering highs at $220. Well, because of that bull candlestick on May 18 marked with strong volumes, risk off traders can take buy with stops at $180 or May 18 lows.

XLM/USD (Stellar Lumens)

Apparently, IBM is the biggest fan of Stellar Lumens and XLM. As a matter of fact, they are now using their systems for their cross border transfer and payment system in seven south East Asian countries bringing the limelight and demand for Stellar Lumens. So it came as no surprise that Jesse Lund asserted, clarifying that their relationship with IBM has never being stronger that it is.

The significance of 30 cents is clear on this chart and should be the basis of our analysis. At this level, Stellar Lumens buyers are rejecting lower prices evident by May 18 bull candlestick and the consequent higher highs. Indeed, trading ranges are tight and indicative of supply-demand push shove. I will only trade when prices are above May 17 high low. That places my bull triggers at 35 cents with stops at 28 cents. 28 cents is just below May 11 lows and the lower limit of our trade range.

LTC/USD (Litecoin)

Retail adoption is what Litecoin Foundation and Charlie Lee are angling for. Retailers and merchants are individuals who would eventually make Litecoin (LTC) a true medium of exchange rivaling Bitcoin and other similar cryptocurrencies. So, when TapJet twitted that they had identified three cryptocurrencies that they think can be used by the company as a payment method, we expected competition to be stiff. Ripple and DogeCoin were competitors and even though Ripple were accused of casting fake votes, Litecoin and Ripple were selected as official coins to be used by the private jet booking app.

Common with all coins, crypto prices are exhibiting signs of bear trend exhaustions as bulls test their strength. It’s no exception in Litecoin where bulls are somehow leveraging on a spring board at $130 following periods of lower lows and a double bottom. Going forward, I anticipate a bullish claw with reasonable buy triggers at $140 and stops at $125. Bull targets should be at $180.

TRX/USD (Tron)

Following their website revamp, Tron community members are chipping in showing their desire to make Tron a success. It’s just four days before Tron Virtual Machine (TVM) launch all happening on May 25 and before then a marketing campaign that brought success to Tron last year is underway. As Tron gears up for the mainnet launch on June 21, a new wallet OpenSource DApp, a brainchild of Project Genesis and developed by a 19 year old German programmer is now available. According to Tron, this wallet has an easy UX, is multifunctional, safe and specifically designed for the Tron network complete with offline signing mechanism and cold or hot switches.

Technically, May 11 candlestick should define Tron price action. It can either mean there is an exhaustion of bear trend now that Tron prices switched into a range mode or the beginning of a new wave of higher highs. We can analyze from both ends but because of yesterday’s bullish candlestick accompanied by high volumes pushing through resistance at 7.5 cents, we can say buyers are in a better position to buy with low risks and high reward. Ideal buy target is at 10 cents.

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