Most coins are in the green but our focus today is on EOS and NEO. It’s now common knowledge that EOS was April 11 top performer gaining a massive 22 percent. In my view, EOS shall continue to expand but not at the same pace. Remember it was technically a break out so today we expect some lower lows before trend resumes. NEO is also up but I will also shift my attention to Litecoin which is under-performing the market. It is oversold but Litecoin might adjust and sync with the general market trend.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
A 2.43 percent gain is not that impressive but as far cryptos and Stellar Lumens is concerned, it is huge. Not only did this small gain nudge prices above the main resistance trend line and wedge in the 4HR chart but it is actually laying a foundation for buyers to reject further losses.
In my view, and considering yesterday’s Stellar Lumens technical analysis, this gain is likely to continue today especially if there is a surge past our buy trigger line at $0.21 or this week’s highs.
Any moves past this will be a clear break out in the daily chart where prices have been in consolidation mode for a while now. Because of this I expect buyers to expand and test $0.27 in the coming days.
Time is money and whether you think IOTA is vaporware or a real solid project, then time shouldn’t be your psychological enemy. It’s better to get in earlier than to regret like many did when prices were topping $5.5 in December 2017.
From recent announcement, IOTA is actually subjecting their recent Trinity Mobile wallet to a 6-7 week security audit led by accessec GmbH as they begin working on a new desktop alpha version in the first half of April 2018.
Both wallets are built on React framework and already 100s of testers are set for this activity where of course a lot of code “borrowing’ will happen.
Of course such announcement is only positive and with that, IOTA continues gaining. It’s up 3.26 percent and a glance at their technicals hints of room for more expansion.
If we base our preview on yesterday’s IOTA technical analysis then we can as well continue trading this minor break out and jump in to the 3rd phase-the trend resumption phase. This therefore means our immediate target is at $1.25 as per our previous analysis.
It’s always political correct to talk of blockchain when referring to cryptocurrencies. Cryptocurrencies is a disruption for big establishments and since “blockchain”-read EOS- is here to stay, the EU is definitely towing in.
Within it are plans for BitFinex for example to build a high performance DEX on EOS.io amongst other across the board apps ranging from healthcare to social media.
Of course EOS is up and the biggest performer in the last 24 hours with a 30 percent gain. If you are already long as per our projections, moving stops to break even and moving take profits to $9.5 as we trade this bullish engulfing pattern can be lucrative.
After LitePay, Litecoin now have LTCPay and their site LTCPay.com is live. Even though it doesn’t support fiat conversion, at-least it does work and supports several APIs just in case you need any form of conversion.
A good thing but nothing beats news that TenX has a LTC wallet. Because of this, Charlie Lee and Litecoin Foundation shall collaborate with them to launch a Litecoin debit card allowing card holder to make direct payments using Litecoin.
Irrespective of news and the pace at which Litecoin is growing their merchant base, price action is slow and in the last 24 hours it continues to under-perform.
Technically, price action continues to accumulate along our minor support line. However, with a stochastic buy signal in place turning from deep the oversold territory, there are chances of higher highs. In that case, I recommend longs with stops at $108.
Before scaling, blockchain technology should focus on solving real world problems. Otherwise, the technology has no use. NEO does that and through their smart economy, several in-house projects are towing with the same initiative.
Their European tour is helpful and it goes a long way demystifying NEO. Zeepin, a creative smart economy platform utilizing DApps for IP rights, insurance, project management and others will be launching their test-net in April 23.
A big step forward for leading the creative industries towards decentralization, thank you to everyone who has been supporting #Zeepin https://t.co/tPkplim9va @NEOnewstoday #testnet #dApp #progressupdate #crypto $zpt $gala pic.twitter.com/zwNSnQQx6D
— Zeepin (@ZeepinChain) April 11, 2018
That aside, you should look to buy NEO in the coming days now that prices are trading above the middle BB in the daily chart. Everything is according to our initial NEO technical analysis. I recommend buys with targets at $90 and $110.
All charts courtesy of Trading View
The post NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 12, 2018 appeared first on NewsBTC.