As EOS bull momentum slow down, ADA/USD and IOT/USD are trading within a bull break out pattern and it is likely that prices will race towards immediate targets at 9.5 cents and 90 cents. Should there be higher highs today in these two pairs as EOS/USD and XLM/USD consolidate then it points to an existing undervaluation. In that case traders should buy EOS, Litecoin and Stellar Lumens with expectations of higher highs.
Let’s have a look at these charts:
EOS/USD Price Analysis
We are thrilled to announce that our Cross-Blockchain Decentralized Liquidity Network, #BancorX, has officially been pushed live — enabling automated token conversions between 110+ ERC20 and EOS-based tokens. https://t.co/E54nlUElmG pic.twitter.com/NSocQZr11A
— Bancor (@Bancor) November 5, 2018
Finally, the partnership between EOS and Bancor is now complete. Going forward, it will be possible to swap tokens between EOS and Ethereum blockchain networks via Bancor’s own BancorX. The dApp allow cross-chain token swaps without the need of transacting via exchanges thanks to Bancor’s BNT. Overly, this should be positive and a step towards creating this huge web of possibilities where there is seamless exchange of tokens empowering users.
Back to price action and EOS/USD is pretty stable in the last day. Prices are up 0.3 percent but still trading inside Nov 4 high low. Considering our previous EOS/USD trade plan, we suggest traders to practice patience only buying EOS once prices edge past Oct 15 highs or $6 triggering short term buys aiming for $7. On the reverse side, losses that fade Nov 4 gains dropping below $5 or Oct 15 lows and area of minor support could mean the resumption of bears as set by Oct 11 losses.
LTC/USD Price Analysis
By printing and closing above $50, LTC/USD is technically bullish. In fact, yesterday’s correction and failure to close above Nov 4 highs is but a confirmation of bulls since volumes are thin while trade range is tight. If anything, aggressive bulls should load up at spot prices with stops at $50. On the other hand, risk-on, conservative type of traders should wait for breaches above $60 or $70 before igniting bulls aiming for $90 and later $110.
XLM/USD Price Analysis
Two things are clear, Oct 11 bears still has an effect of price because prices are yet to recoup losses. Secondly, we retain a bearish outlook as long as prices are trending below the minor resistance line and buy trigger at 30 cents. Notice that even in the midst of these higher highs ignited by bullish events of BCH lifting the crypto market with it, XLM/USD is actually consolidating inside a 15 cents range with resistance at 30 cents.
It is for this reason that we insist that bulls would be in charge once there are convincing breaks and close above 30 cents. Before then risk-off traders can begin buying at spot with stops at Oct 31 bull pin bar with first targets at 30 cents. If bull momentum is strong and there is a rally, then first ambitious target will be at 50 cents.
ADA/USD Price Analysis
At the back of solid volumes signaling bullish resumption, the follow through has been weak. But, considering the volumes behind Nov 4 bull bar, the break and close above the minor resistance trend line we recommend buying at spot prices with first targets at 9.5 cents. However, on a more cautious approach, buyers should wait for a move above Sep highs at 95 cents. Thereafter, traders should buy on dips with first targets at 12 cents—an important resistance and buy trigger line, and later 20 cents.
IOT/USD Price Analysis
Luca Moser and Andrew Brough are the newest members of the IOTA Foundation.
Read more about it here: https://t.co/xnqkXOOeIF
— Ledger (@LedgerHQ) November 2, 2018
Their membership coincides with Ledger Nano S offering support for IOTA. Moving on, investors can easily link their Ledger Nano S with IOTA Trinity and Romeo wallet.
Price wise and IOTA is bullish. Not only do we have a bullish breakout pattern after Nov 4 rally, but Nov 4 bull bar did complete a three-bar bullish reversal pattern gradually reversing losses of Oct 11. Like in our previous IOT/USD trade plan, conservative traders need to wait for solid moves above 60 cents triggering bulls. Thereafter first targets would be at 90 cents—an important resistance line. However, traders can still take advantage of recent break above resistance and trade with stops at 44 cents. First targets would be 60 cents and later 90 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.
The post Altcoins Price Analysis: ADA/USD and IOT/USD Bull Breakout Pattern appeared first on NewsBTC.
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Author: Dalmas Ngetich