Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, EOS, IOTA and Litecoin
It’s simple to acknowledge the sweet fact that Bitcoin and other altcoins might be finally turning the corner and pointing to different technical metrics. With Bitcoin looking like it is hauling altcoins with it in the right direction. Despite shedding some of its market shares, the coin is still dominant as it is likely to break above $8,500 today. If it does, expect most coins, especially IOTA and EOS to explode.
Let’s look at these charts:
Week in, week out, it is obvious that there are more buyers than sellers trading Bitcoin and other cryptocurrencies. While Bitcoin continues to draw attention, it is the shift of momentum and sentiment that draws my attention.
Christine Lagarde, Managing Director at the International Monetary Fund, is softening her stance and recognizing the upsides of Blockchain. She is now towing in with other world leaders who find cryptocurrencies harmless to the fiat economy. In fact, pound for pound, the relationship between the two is more symbiotic than disruptive. Other than this, there are several proposals to increase transaction speed as adoption explodes.
Bitcoin has pushed back above $8,000, after IMF head Christine Lagarde outlined the benefits of bitcoin and the blockchain technology. https://t.co/rfzTfdgQzS
— MarketWatch (@MarketWatch) April 17, 2018
Pavel Durov, the founder of Telegram, is actually paying salaries using Bitcoin and as such, it isn’t hard to see why speed is paramount. Lightning Network is one of them. From a developer’s perspective, if there is a combination of that and NFC (Near field communication) as some suggest, then near instant transaction settlement would be possible.
Price action wise, even though Bitcoin is up 18 percent in the last seven days it has been ranging for the better part of this week.
From our previous Bitcoin technical analysis, our plan was to take long positions whenever a stochastic buy signal prints in the 4HR chart. At the moment, there is one and I will recommend longs only when there is a surge past $8,500.
Even though Ethereum is the second most liquid cryptocurrency in the world with a market cap of $51 billion, there is little to talk about on the development front. Fact is, there has been a market cap contraction but still, Ethereum is up 24 percent in the last seven days.
The expansion is modest bearing in mind that price action seems to be bottoming out from a value sapping bear trend. Development wise, what we have is the new maintenance client, Geth, with better optimizations promising a 40 percent increase in block processing speeds.
Undoubtedly, this is a reprieve for the network that continues to clog as it cripples with capacity issues. Aside from this, Geth also has a DApp positive feature, Clef that allows key management across multiple apps.
— /r/Ethereum (@r_Ethereum) April 17, 2018
From the charts, it looks like Ether is in sync with Bitcoin. Technically, we are seeing a mid-range accumulation and the stochastic buy signal in our entry chart complements this.
Anyway, from our previous Ethereum technical analysis, we were advocating patience till bulls push prices beyond $600. We shall maintain the same stand but considering the current technical set up, aggressive buyers can as well buy with stop losses just below our support trend line in the 4HR chart.
It seems like Litecoin creator Charlie Lee is not short of drama. He always courts attention and he did get some yesterday following that infamous marriage between Verge and PornHub. Lee asked Porn Hub to get in touch with him where perhaps they could strike a deal allowing Litecoin use as a settlement method in this $12 billion industry.
If you accept LTC, I will buy some just so that I can spend LTC to pay for porn. Deal? 😂
— Charlie Lee [LTC] (@SatoshiLite) April 17, 2018
Earlier on though, there was an announcement of Wirex and TenX Litecoin debit cards. Besides, exchanges Börse Stuttgart and Korbit shall be listing Litecoin with the former tabling a no-trading fee proposal.
Technically, our short-term target for this coin is at $140 and fortunately for buyers, it was tested earlier this week. However, it would be better, especially for positional traders, if we see a strong surge past $140 today or later this week. If that happens, then I recommend longs with stops at $130 and bull targets at $180. After all, price action hints of longs in the weekly chart.
Following EOSDAC, ZebPay shall avail EOS for their users. The Indian cryptocurrency exchange is the second largest of its kind in India with three million customers and now users can send, receive and even trade with EOS. All in all, EOS is still one of the top performers in the last seven days with a 35 percent gain.
Regarding eosDAC airdrop that will be done in 24hs, if you want to double check to see if your EOS is included in the snapshot tool @eosdac is using, you can check your Ethereum address here: https://t.co/Zdff7YJfDG#eos #eosio #eosairdrop @go_eos
— EOS Argentina (@EosArgentina) April 13, 2018
Now, we cannot deny that EOS is up, but relative to last week, it looks like the token is still trying to break out of last week’s high. In the 4HR chart, it’s evident that prices are moving within this wedge whose limits are at $7.50 and $9.50 respectively. I’m net bullish and while I don’t expect rapid oscillations as we saw last week, I recommend buying EOS once prices surge past $9.50.
It’s no doubt that IOTA is the facilitator of the Internet of Things. In fact, that is the real reason why this blockless network came into being. It is efficient and environment-friendly. Better still, large corporations and even countries are buying into their idea. In fact, there have been lots of developments, like that of Trinity Wallet, which shall hopefully increase adoption and accessibility of IOTA.
Over the weekend, Fujitsu and a host of other companies will be present at the Hannover Messe in a fair that will officially be opened by Angela Merkel. During that fair, Dr. Wolf Werner shall officially demonstrate some of the real-life application of IOTA.
— /r/IOTA (@Reddit_IOTA) April 17, 2018
Like most altcoins, chances of IOTA higher highs as we approach the weekend are elevated. Already, $1.50 is acting as a good support line but we need enough bull momentum to be sure of last week trend continuation. As such, buyers can buy at current prices and place stops at around $1.50. Medium-term targets are at $3.
Dalmas is a Cryptocurrency News Writer and Analyst. He’s passionate about blockchain technology and the potential of cryptocurrencies.