Altcoins Price Analysis: IOT/USD Likely to Expand Above 90 cents as LTC/USD Wilts

Spread the love

With interstellar, blockchain air drop, BancorX and recent Bosch device development, the altcoin ecosystem is vibrant. But, this is yet to translate to meaningful gains. As a matter of fact, LTC/USD could print $30 by the end of the month in stark contrast with smart contracting and IoT platforms as ADA/USD and IOT/USD. Both are steady and trading within a bull breakout pattern that could lift their valuation higher as buyers aim at 12 cents and 60 cents respectively.

Let’s have a look at these charts:

EOS/USD Price Analysis

Thanks to yesterday’s three percent loss, EOS is $500 million away from dropping outside the top five. It’s even worse for traders and with Block One having to clarify if indeed on-chain transactions are cryptographically validated, prices are losing steam dropping towards $5. Nonetheless, like before, we shall take a neutral stand until after prices break above this horizontal consolidation above $7 or dip below our immediate support at $5.

Interesting ReadEOS Centralization Reportedly in Action: Arbitrators Able to Reverse Transactions

Of course, it will be deflating for hodlers to contend with more losses if price action confirms Oct 11 losses. This is so because losses will increase odds of EOS/USD printing at or below $4 by end of this month. Either way, any bullish breakout and first target will be $9 while declines below $4 means bears should aim at $1.5.

LTC/USD Price Analysis

Even with Coindroid endorsement, Litecoin is literally struggling against bears. Prices are back in red as LTC/USD drop five percent in the last week and roughly two percent in the last day.

Coindroid is a cryptocurrency-based game whose founder sees benefit in LTC cheap transaction costs and fast settlement.

LTC/USD Price Analysis

Now, back to price action and our trade conditions are now live. Following yesterday’s losses, a whole bear bar was printed below the $50 main support line and bear trigger line. Therefore, we shall trade as planned and in that case we suggest selling at spot with stops at $50 and first targets at $30.

XLM/USD Price Analysis

XLM/USD Price Analysis

Stellar Lumens is one of the top performers in the last week and with a five percent gains, XLM/USD is still trading above 25 cents meaning our last trade plans are live. Unless otherwise there are losses below this immediate support line, aggressive traders should be looking to buy on dips in lower time frames with stops at 22 cents.

On the other hand, conservative traders should take a wait and see approach only taking positions once there is a bullish breakout above 30 cents. To reiterate previous stands, first targets would be 50 cents. Conversely, step losses that will see our stops hit as XLM/USD prices drop below 20 cents mean traders should offload XLM with first targets at 8 cents.

ADA/USD Price Analysis

Michael Parsons, chairman of the Cardano Foundation has resigned from his position as the head of the Cardano Foundation council weeks after Charles Hoskinson and Emurgo’s CEO Ken Kodama made known their frustrations following his string of poor performance, attempts to concentrate power and below par leadership.

Pascal Schmid, Council Member, will take over as Chairman of the Foundation Council on an interim basis.

ADA/USD Price Analysis

His departure coincided with ADA sinking two percent in the last day. Although ADA/USD prices are yet to nullify our bullish projection by reversing Nov 4 gains, it remain likely that declines in other assets especially BTC could drive prices lower.

Therefore, in a conservative approach, we suggest waiting until prices edge past 9.5 cents or Oct highs. If not and our stops at 7.5 cents are hit, then losses below 7 cents—our immediate support line and Oct lows could usher in sellers aiming at 6 cents.

IOT/USD Price Analysis

That data is the oil of the future is true and it’s along this line that Bosch, an electronic giant, recently highlighted a Cross Domain Development Kit (XDK) that work perfectly for real-time internet of things data collection and sales.

Related Reads: Bosch Boosts IOTA with New Device Connectivity for IoT Data Collection

With 20 billion devices interconnected by 2020, the IOTA market place will be perfect scalable and secure platform where these data is availed for compensating parties via Masked Authenticated Messaging (MAM). The XDK2MAM will act as the bridge between the device and IOTA market place.

IOT/USD Price Analysis

Though gains are marginal from a top-down approach, IOT/USD is relatively stable and up two percent in the last day. Because of this, the bullish breakout pattern is still valid and traders can continue buying at spot with stops at 50 cents in line with our last IOT/USD trade plan.

Meanwhile, conservative traders can begin realigning their position but by placing limits at around 60 cents or Oct highs. First targets would be at 90 cents while losses below 50 cents could heap pressure on IOTA driving prices towards 30 cents.

All Charts Courtesy of Trading View

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.

The post Altcoins Price Analysis: IOT/USD Likely to Expand Above 90 cents as LTC/USD Wilts appeared first on NewsBTC.

Powered by WPeMatico