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Weekly Price Analysis May 3

Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, EOS, IOTA and Litecoin

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After a week in the cold, IOTA is recovering and is now in the top 10. Apart from Litecoin and Ethereum, IOTA is one of the few coins that are likely to expand in the coming days as its price action aligns with the general bull wave clear in the weekly chart. Therefore, basing my recommendation on technical setups both in the daily and 4HR charts, most coins are likely to register gains by end of this week.

Let’s look at these charts:

BTC/USD (Bitcoin)

Regardless of all the hype and the love-hate relationships between believers and haters, cryptocurrencies will continue to dominate headlines as long as people continue to see shaping technologies. Whether it creates a catch-22 scenario or not, high liquid coins as Bitcoin always draw the attention of investors from all walks of life. Just recently, Peter Thiel, PayPal co-founder, Facebook investor and a Bitcoin enthusiast, decided to put his weight behind Tagomi System through Founders Fund. The later is a venture capital that he directly supports.

Seeing how volatile the Bitcoin market his, Tagomi system plans to create a platform that will make it easier for wealthy investors to buy Bitcoin in blocks without causing large market swings. To make this a reality, they have developed their own proprietary software, Smart Order Routing (SOR) that makes it a breeze to execute Bitcoin block buy or sell entries.

When it comes price action, we shall maintain our long net projection. As it is, all we want to see is a break above April 24 highs at $9,500. At the moment, Bitcoin prices are oscillating within a tight $1,200 range and because of this, we remain neutral as we trade as per our previous Bitcoin price forecast. However, aggressive traders can buy at $9,200 with stops at this week’s lows at $8,800.

 

ETH/USD (Ethereum)

Other than a “show of appreciation” by Tron and a consequent $30 million TRX airdrop to all Ethereum holders, there is nothing much from the fundamental front. All we can take note is that impressive week over week statistics that shows Ethereum is up 13 percent for the week and a cool 76 percent gain in the last 30 days. With this, Ethereum looks firm at second place with a market cap of $67.55 billion.

Technically, like Bitcoin, we are net long Ethereum. It doesn’t matter the negative sentiment and talks of future “flap” by Tron or EOSIO. Considering the current technical set up, traders can wait for a break past $700. Thereafter, they can trade that break out with conservative targets at $900 in line with the weekly bullish momentum.

 

LTC/USD (Litecoin)

Some people just genuinely hate Bitcoin Cash. Regardless of Roger Ver, a Bitcoin Cash reverend and Investor, over-confidence and bullying, most crypto-coin developers especially from Bitcoin core don’t see any good in Bitcoin Cash.

Well, it seems like Litecoin is benefiting from this negativity as its daily transaction rate at 30,000 TX/s is superior to that of Roger Ver’s Bitcoin Cash at 20,000 TX/s. Now, we expect this daily rate to shoot up because of those 4,000 ATMs, supporting Litecoin, Bitcoin, and Ethereum that are set to be launched in Argentina. That’s not all.  Wirex Bitcoin debit card holders can now settle bills in Litecoin. This is exact retail level adoption that Charlie Lee, the founder of Litecoin and Litecoin Foundation, is drumming for.

Price wise, as per our technical set up in the daily and 4HR chart, aggressive traders can buy Litecoin at $150 with stops at $140. Otherwise, risk-averse traders can wait until prices break above this consolidation at $180.

 

EOSUSD (EOS)

Just to put it in perspective, EOS is up 30 percent in the last seven days meaning it has added more than $5 billion in the last five days or so. By all accounts, this is impressive from a company that doesn’t have a working product and relies wholly on hype and development milestones. The only time we expect EOS rough tides is after launch. From there, independent developers or audit firms can rigorously test EOSIO smart contracts.

So far, a software auditing company, LianAn Tech has found a vulnerability called a “batchOverflow” that lies deep within EOSIO smart contract architecture. While Dan Larimer, the Lead Developer and Co-Founder of EOS, tries to debunk this rumor by comparing EOSIO smart contract architecture with that of Cardano, the real test is yet to come. By third quarter 2018, we shall know how secure or porous EOSIO blockchain is.

Anyway, despite that stochastic sell signal in the daily chart, buyers are still in charge. Besides, they are clearly trading within April 24 and week ending April 29 bullish breakout. In my view, the sandwich between $14, the break out level line and $18, previous EOS highs remain a key buy zone. That is why if buyers fail to push prices above $20 in the coming days, EOS bulls can wait for a retest of $14 before searching for long opportunities in 4HR charts.

 

IOT/USD (IOTA)

Last week, IOTA valuation was outside the top 10 but now, the IoT facilitator is bouncing back. After shooting 15 percent in the last 24 hours and driving its market cap to $5.95 billion, the coin is now above NEO.

Of course, this could be a reaction of IOTA joining Mobility Open Blockchain Initiative (MOBI) and being part of a consortium angling towards “development of (Distributed Ledger Technology) DLT standards, pilot projects, and open source software tools”. As you may know, IOTA is specifically designed for Internet of Things (IoT) environments. As such, we can laud this announcement.

Because of that spike, I recommend straight buys as prices appear to be breaking off from a ranging market. If not, patient traders can wait till IOTA bulls push above April 24 highs of $2.24 before trading with the weekly trend. Ultimate and short-term buy target stands at $3 and $4.5.

About The Author

Dalmas is a Cryptocurrency News Writer and Analyst. He's passionate about blockchain technology and the potential of cryptocurrencies.

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