We saw the importance of Bitcoin in the course of this week. It is up 17 percent in the last 7 days and the effect on altcoins is profound. Leading this surge is EOS which is up 48% and likely to displace Litecoin in the top 5 spot. In my view, and this is important, most altcoins will continue to add in the coming week and I shall focus primarily on Litecoin and Stellar Lumens which are lagging.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
Regardless of the slow down, Stellar Lumens is still up 6 percent in the last 24 hours and 26.30 percent for the week. That is quite impressive from a technical point of view and considering the recent depreciation of cryptocurrencies in general.
The expansion in prices also means a double bar reversal pattern in the weekly chart and even though I won’t recommend long entries at the moment, I anticipate Stellar to edge higher in the coming session.
Suitable pick up points lies at $0.24, a recent support in the 4HR chart. Alternatively, we can wait until when a stochastic buy signal prints more so if prices fail to bounce off $0.24 and continue to slide.
As you would expect from a multi-billion project as IOTA, there are a lot of developments behind the scene. One of them is this promising Pass, a blockchain biometric and decentralized technology website that will re-launch next week. The project promises decentralization of data identification and verification by leveraging on Tangle technology.
— PASS (@i_am_pass) April 13, 2018
Price wise, our IOTA technical analysis points to a break out trade which is clear in the daily chart. When we zoom out to the