More often than not, asset prices tend to recover following periods of stretching as the last two weeks demonstrate. In our case, unless we see a recovery in Bitcoin, most coins as Litecoin or EOS for example might extend their losses. Others as Stellar Lumens might be destabilized even after Facebook denying partnership claims. All in all, we remain bearish and unless otherwise, traders should search for selling opportunities in lower time frames.
Let’s have a look at the charts:
EOS Technical Analysis From the News It’s just a matter of when. EOSIO blockchain is working as pitched and with zero transaction fees and mainstream companies as Everipedia launching operations straight from the EOSIO blockchain, the network is the most active according to data from Blocktivity. On a normal day though, the network TPS stands at around 3700 but many project new records once Bancor are through with their cross chain communication. Technical Analysis
Our EOS trade plan is on course and solid. With a week over week drop about 28 percent, EOS prices are edging closer to 2018 lows and bear target at $4 following their strong break out below our intermittent support at $7 last week.
While we expect EOS to damp down their losses and even retest recent highs at $6, still sellers should always unload EOS at every high in lower time frames as laid out in our last EOS technical analysis.
If EOS buyers join in pushing prices above Aug 10 highs and $6, then we should expect to see a retest of $7 in line with the general bear break out pattern. In that case, selling opportunities would be found at retests with stops at $8 and first targets at $4.
Litecoin (LTC) Technical Analysis From the News News is, Bitmain–the world’s largest ASIC manufacturer and which grapevine says controls more than 51 percent of Bitcoin’s hash rate, held 931,932 Litecoins by end of Q1 2018. Bitmain wants to go global