Altcoin Analysis: NEO, EOS, LTC, NEM and Lumens
Most alt coins are recovering and the best demonstration of this radiant alt coin price action is LTC/USD pair.
Even though there had been hints of possible bullish breakout, the explosion north was impressive. As such, buyers can start fine tuning long entries in lower time frame.
Apart from LTC, there are some positive developments in NEM, NEO and EOS which is trading above $9.5.
We are far from recommending entries in IOTA unless of course there is a surge past $3-the upper limit of this super thick resistance zone and consolidation.
Let’s have a look at these charts:
Some pretty nice Lumens price action and while we had a slight correction before yesterdays retest of the middle BB, chances of a close above $0.50 is high.
A look at the secondary chart shows that buy momentum is increasing and there is an obvious reflection of that when we consider February 14 bull candlestick.
Now, our trade plan is simple assuming there is a bullish follow through: buy on dips in lower time frames with stop loss just below February 13 lows.
We have these series of IOTA’s higher highs in the daily chart and while it looks likely that prices might even close above our main resistance line-the middle BB and $2 today or in consequent sessions, the only assurance for buyers and scalpers in that case is if bulls maintain prices above $2.
The good thing is that IOTA buy momentum is increasing and that is obviously supportive especially for buyers looking for quick profits.
Anyhow, from our previous analysis, conservatives should wait for clear breach and close above the upper limit of this super resistance zone between $1.43 and $3.
After a tepid session, we are seeing some encouraging movements in EOS. From our analysis point of view, our first bull triggers were set above $9.5 and already buyers are trading above this level.
Now, going forward, what is important especially today is if prices will actually break and close above the middle BB.
Obviously, there is increasing bull momentum just like all other alt coins we are tracking but where prices end up today can either make or break this pair.
The moment we see prices trading say at $11.5, bulls can begin fine tuning their entries in lower time frames and if there is a strong rejection at the middle BB, we can begin fading this short term bullish move and aim at $5.5.
This is what we have been waiting and after periods of excruciating accumulation, LTC prices are now above $170.
As such, our previous analysis dictates that we start looking for long entries in lower time frames and that is what I recommend today.
Like most alt coins, there is this tinge of positivity and while this is awesome, we recommend NEO buyers to execute their longs once there is a close above the middle BB or $130.
Yesterday, as we can see, there were attempts for a close above the main resistance line but still buyers couldn’t cater enough momentum.
Chances are, NEO bulls may follow through and breach that line but before then, positional buyers should stay out of this trade.
All charts courtesy of Trading View
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