Perhaps we can link EOS attention to the amount of funds raised in their one-year long ICO. But, maybe it can be because of the grand expectations supporters want to see from EOS. Either way, it’s clear that recent EOS events continue to pour cold water on bullish pressure. It’s not only in EOS but buyers are lacking support in Litecoin, Ethereum Classic which is $5 away from their all-time lows and Monero which is likely to hit $70 in the coming days. All this is subject to BTC prices which is also struggling to stay above $6,000.
Let’s have a look at these charts:
EOS Technical Analysis
Every coin has its own challenges and on different planes, some draw more attention than others. EOS market themselves as a go-to platform that has high through put and is perfectly decentralized. Of course, on paper it’s perfect but there are flaws that need immediate remedy. Some of them has to do with network reliability and while it’s only less than a week since BP voting took place, EOS is apparently struggling to handle bugs.
On Sunday for example, a bug took down the network for five good hours and yes, we can attribute this to the design of the network that prevents forking but the manner in which it was handled raised eye brows. Everything constant, it would have taken less than five hours to resume normal service if they were to justify their $4 billion crowd funding price tag.
Like all major coins under our radar, EOS is caught up in a horizontal tight trading range with a bearish skew. This is an ante to our projection as we were expecting prices to tune in with June 14 candlesticks but as it is, buyers have to stay on the sideline a little bit longer. EOS is down five percent in the last 24 hours and any break below $9 might take EOS valuation to $7 and later $5.
Litecoin (LTC) Technical Analysis
As Bitcoin’s laboratory, it’s highly likely that the SEC would consider Litecoin a utility. When we check the chart, many commentators think they may because nothing more explains the appreciation on June 14. Regardless of the recent tight trading ranges, fundamentals qualifies this coin as a long term buy hold.
However, the charts paint and different story and traders must content with possibilities of further losses. All this stems from that break below $110 and the consequent buy pressure that are yet to be confirmed. Given the lack of buy support, our immediate sell trigger is at $90 or June 14 lows and when that happens, sellers should aim at $70. On the reverse side, our buy trigger is perched at $110. Any rise above that would surely welcome buys targeting $140.
Tron (TRX) Technical Analysis
If, like Justin Sun and Tron Foundation, you strongly in the Tron project and want to contribute to their ecosystem, then there is an opening. Tron is recruiting in a drive called the Core TRONICS Recruitment but before you settle on applying, make sure you have a minimum of 10,000 TRX with you, have a group with 500 active group members and have good customer care skills. Your work as a Tron member will purely be educating the community and disseminating news about the Tron project globally.
Currently, TRX prices are on a down trend and likely to add to their previous losses if we make deduction from our technical formations. As a matter of fact, TRX prices are down 13 percent in the last seven days and yesterday was no better since it’s down four percent in the last 24 hours as sellers angle to test our main support at 4 cents. Because of these developments, I recommend trading with the trend and that means selling with targets at 2.5 cents with stops at June 14 highs at 5 cents.
Monero (XMR) Technical Analysis
In an interesting twist and the first of its kind in the world, Japanese authorities have arrested 16 individuals suspected of being part of a Cryptojacking ring. Cryptojacking is an illegal way of mining cryptocurrencies through illicit programs without authorization from the device owner. While working via CoinHive, three suspects were each charged 100,000 Yens early this month in Yokohama for Cryptojacking and mining Monero from users online without their permission and it seems like this was just the beginning. In the past two weeks, authorities in 10 Japanese Prefectures have joined hands and are keen on sending a message to criminals taking advantage on Japan’s warm cryptocurrency regulations.
By all accounts, the relationship between XMR and LTC price action is positive. So, while LTC broke $110 to the downside, XMR did the same and is likely to add on to their losses. Remember, in the last 24 hours alone, XMR prices are down three percent. Therefore, despite our previous bullish stands, the past four days lower lows are likely to cancel this trajectory. The reason is simple, for it to hold true, prices must move above $140 and $150 main resistance line. However, as it appears, minor support stands at $120 and any down thrust with above average volumes shall form the genesis for prices to be pushed towards $70, our immediate bear target level.
Ethereum Classic (ETC) Technical Analysis
As always, news of future support from CoinBase, one of the largest and trusted exchange in the US is hawkish. So, expectedly, ETC is fundamentally bullish because of that. However, a second look at the chart shows that buyers are struggling to increase their gains. As a matter of fact and like most coins, ETC prices are oscillating within June 12 high lows and this means patience is an asset in the coming few days.
The rationale is simple. According to how we have set up our trading charts, any break above June 12 highs at $16 will signal buy pressure meaning we shall be buying on dips. Conversely, any depreciation below $13 and ETC supporters should prepare to test $9 or ETC ATLs.