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Despite a spike in blockchain activity, EOS prices are yet to recover. The coin is actually the worst performer in the top 10 dropping 12 percent in the last day. However, the trend is uniform across the board with losses visible in Litecoin, Stellar Lumens and one of last week's top performers, Tron. A nonetheless, we expect to be able to buy opportunities.
Let's have a look at these charts:
EOS Price Analysis
Once again, EOS on-chain activities is on overdrive recording 44,780,217 transactions at the time of press with a capacity utilization index of 3.71 percent and an average TPS of 3,996. Although this is impressive, this extreme level of activity points to spam or attempts to artificially inflate activity for ranking purposes.
Read: Why Does Mainstream Media Spread So Much Crypto FUD?
After all, there are fewer and less users of EOSIO dApps, this abnormal surge is suspicious.
But even with that, EOS is literally struggling, dropping ranks after shedding 12 percent in the last day. Referring to our last EOS / USD trade plan, bears are officially in charge and trading in a clear bear breakout pattern. Unless otherwise there are gains above $ 3.5, it's likely that EOS / USD will test $ 1.5 by the end of the year.
Litecoin Price Analysis
Technically, LTC / USD is trading in a bear breakout pattern and risk dropping below our minor support at $ 30.
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From the look of things, nov 28 volumes are undoubtedly high eclipsing yesterday's-averaging 226k versus 464k. LTC bulls could make a comeback. Nov 28 high low, then buyers are technically in charge.
Stellar Lumens Price Analysis
Nov 28 gains mean buyers should be making a difference.
Also Read: Mike Novogratz Expects Crypto Market Turnaround, Adoption in 2019
Therefore, since we are neutral on Stellar Lumens than we are back to range on Nov 25-28, we shall only liquidate our XLM holdings if and only if prices sink below Nov 25 lows at 13 cents. If that happens then it is likely that prices would hit 8 cents or lower.
On the other hand, the confirmation of the Morning Star of the 28 could open doors for bulls.
Cardano Price Analysis
Even though ADA / USD appears to be a buying opportunity. It's easy to see why.
First, although yesterday did not see the average number of participants, the average number of participants would be less than 80 million.
Secondly, ADA / USD prices are still oscillating inside Nov 28 low, five days after that solid thrust from 3 cents. It is for this reason that we are buying a spot with the ADA / USD trade plan.
Tron Price Analysis
TRX / USD is up 11 percent in the last 20 days. Still, TRX is on the slide.
We do not retain a bullish outlook recommending buys on dips as we expect invalidation of the bear breakout pattern of November 19-20 by the end of the week.
So, unless prices are trading below 1.1 cents or Nov 2018 lows, even if it should be a buying opportunity with first targets at 2 cents.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions are those of the author and are not investment advice. Trading for any form involves risk and so do your due diligence before making a trading decision.
