“EOS Block Producers are lying to community and Earning $10,000 Per Day”: EOS, IOTA, Stellar Lumens, Litecoin and Tron Technical Analysis“EOS Block Producers are lying to community and Earning $10,000 Per Day”: EOS, IOTA, Stellar Lumens, Litecoin and Tron Technical Analysis


Overly, altcoins are on a downtrend but even in the midst of this strong sell pressure, the sentiment around Tron mainnet launch seems to be buoying TRX prices . Therefore, if indeed Tron transition is smooth and everything works out, a follow through would be inevitable. Remember, BTC is fighting back bears and is up one percent in the last 24 hours with a market dominance of 42 percent.

EOS Technical Analysis

EOS Daily Chart by Trading View

After what appeared to be censorship attempts by the EOS block producers, a lot of critics are emerging pointing fingers at everything EOS. There are some supporters though but what stands out is the ongoing politics around block producers and how they will contribute to the EOS community in general.

Of course, each company has their own baits to draw coin holders to vote them in. This way, they would be in a position to rake in $10,000 a day while hosting their servers on a cloud platform as Google. There is a list doing rounds in Reddit which purports to show that leading BP candidates as BitFinex and EOS New York are lying that becoming a BP would cost money. In actual sense, the document says, these 21 BP will end up paying $5,000 per month to host their servers at Google Cloud.

Price wise, there are some bullish attempts as yesterday’s candlestick shows. Even though prices are down eight percent in the past day, hints of higher highs in lower time frames means we shall wait for retests at immediate resistances. These are anywhere between $9 and $10. By extension it also means we should temporarily pause our selling and wait until clear sell signals print in the 4HR chart at the aforementioned resistance levels in coming sessions.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

There were high hopes when Bitcoin Futures were launched by the CBoE and CME sometimes back in December 2017. That’s around the same time BTC prices were trading at their all time highs. Now, following the same path is a UK crypto exchange under FCA regulation offering LTC Futures since June 22.

According to Crypto Facilities CEO, this LTC-USD Futures were an on-demand product from clients and by providing these Futures, they are basically filling in market gaps. Hopefully, this will boost transparency and liquidity not only in Litecoin markets but in other asset markets.

Like BTC, there is some pull backs and short term rejection of further depreciation in lower time frames. That’s why we are seeing that pin bar with long tails after yesterday’s price action. Yes, overly we remain bearish and to trade this coin, the best approach is to wait for reaction at immediate resistances anywhere between $90 and $100. Any hints of lower lows at these levels would be the only trigger to initiate shorts with targets at $70 and later $50 as before.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading View

It’s evident that coin prices are the end receivers of this incessant bear pressure and the charts couldn’t print the overall picture clearly.  Luckily through, yesterday’s bull attempts and that pin bar signaling buys in lower time frames could be a flicker of hope.

After all, unlike previous days, Stellar Lumens prices are one percent lower in the last 24 hours. So, while we shall retain bear forecast, selling at current spot prices isn’t what I suggest. Instead, wait until there are sell signals in the 4HR chart anywhere between 20 cents and 25 cents. 25 cents is the top of that consolidation or June 20 highs.

Tron (TRX) Technical Analysis

Tron Daily Chart by Trading View

Today is the Tron mainnet launch and a day of independence. Independence from relying on Ethereum blockchain that is and while this happens, coins remain frozen at different exchanges supporting this migration. It’s important that your exchange supports this launch and in case you haven’t moved your coins, move them to Binance. So far, Binance is the only exchange that still allows coin swaps.

Relative to most coins, the depreciation hasn’t been that serious in TRX. Regardless, we still maintain a bearish stand especially if we see breaks and close below 4 cents or yesterday’s low. Before then, wait and see what happens to price action today as mainnet launch take effect.

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

Like the rest of the market, IOT is still struggling to stay afloat in the midst of strong sell pressure. And at current prices, our sells are valid but for those planning to unload, wait until there are a strong break below 90 cents to the downside.

Otherwise, should there be a follow through and prices inch higher, then our immediate resistance would be at $1.3. That’s where if bears would resume their original sell trend would form the momentum to break below 90 cents and test 70 cents, our first bear target.


Coins image via Pixabay.

Source: Newsbtc



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