Indeed, yesterday’s rejection of lower lows is but a sign that buyers are beginning to take root in lower time frames. As often the case following periods of strong volatility, price action usually move within a tight trade if not countering the surge. Yesterday price action shows this. Being a hyped case, Tron mainnet launch should be the focus of the day. I recommend longs if and only if Tron buyers push prices above 7.5 cents. If not, we remain neutral until that happens or bears push below 5.5 cents minor support line.
EOS Price Analysis
So, after raising more than $4 billion in their year-long ICO, Dan Larimer and Block One are offering a mere $10,000 for anyone who unearths a flaw(s) in their platform. Well, this is honestly a spat in the face of researchers, network security experts and bounty hunters who dedicate their time-sometimes their whole lives-to ensure the security of everyone using EOSIO blockchain.
Help us find critical bugs in #EOSIO before our 1.0 release. $10K for every unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts. Offer subject to change, ID required, validity decided at the sole discretion of Block One.
— Daniel Larimer (@bytemaster7) May 28, 2018
It’s even worse because in the last 48 hours alone, two network existential vulnerabilities have been found by well-meaning researchers a few days before they launch their mainnet. In my view, Dan Larimer should incentivize people by increasing bounty reward, after all, they have a big war chest against intruders. Why jeopardize developers and “hundreds” of projects set to launch on their super-fast platform?
Our trade plan is pretty much the same as yesterday’s projection only that we shall begin looking for under-valuations in lower time frames. Note that May 30 candlestick is bullish concluding that this indeed is the nascent stage of a potential bull rally. Then again and as expected, yesterday’s trade candlestick is bearish countering May 29 bullish move.
Litecoin (LTC) Price Analysis
There are a host of activities that make Litecoin unique. The Litecoin foundation runs the affairs of Litecoin on matters development but their figure head, Charlie Lee defines Litecoin. He’s active on Twitter, updating followers on everything Litecoin despite claiming that he doesn’t own any coins. Litecoin is quickly turning into a medium of exchange complementing Bitcoin which most say is a store of value. Complementing this are exchanges and payment providers listing LTC for their customers. Over time and in the long haul, this oils the network’s liquidity and stabilizes LTC prices.
In line with May 30 price forecast, I recommend buying Litecoin on dips preferably at around $115 whenever there is a correction. As visible from the chart, there is a long covering in my view following yesterday’s bearish candlestick testing May 29 lows. Aggressive traders can increase their longs at current prices. On the other hand, waiting for a breach above $130 can turn out to be a superior trading strategy because then, buyers would indeed be in charge.
Stellar Lumens (XLM) Price Analysis
Aside from Litecoin, Stellar Lumens caught the eyes of NASDAQ who sees it as growth currency. This endorsement stamp alone is important and could buoy prices in the coming days. In their analysis, NASDAQ views their partnership with IBM is a perfect ladder for the blockchain company to scale further. Besides, they have a solution that not only gears for companies and individual to carry out cross border payments. Transactions are relatively cheap, fast and secure. These are important qualities being sought by individuals/companies who care about speed, security and privacy.
Like most coins under our radar, Stellar Lumens prices are trading within a very tight trade range. It’s a common occurrence especially when prices were literally exploding before their print out. Because of May 30 trade recommendation, I suggest buying on dips today with stops at May 29 lows at 28 cents or there about. Reasonable buy targets stands at May highs anywhere between 45 cents and 50 cents.
Tron (TRX) Price Analysis
Ask anyone on what they thought prices would be before Tron mainnet launch and to the moon was the chorus. Yes indeed, it may have been the case. However, with the Bitcoin declining, the whole crypto market including Tron sank with it. It’s a disappointment yes but still, it could have been worse if the whole thing was cancelled. Remember, Tron VM launch was not even a market mover.
Tomorrow we release #TRON mainnet and prepare for independence! Livestream at 11:00 GMT+8. Join us. $TRX pic.twitter.com/zekBIQGFCS
— Justin Sun (@justinsuntron) May 29, 2018
No worries though, this time round the whole mainnet launch shall be on live streamed though YouTube and Periscope. This way, everyone, regardless of their geographical location, can witness the launch of the century.
The decline in Tron prices from yesterday’s candlestick is a stand out. While most were trading positively with small gains, Tron were printing losses despite their mainnet launch coming in less than 24 hours. Now, after checking technical formations particularly May 28 candlesticks and the positive sentiment around this mainnet launch, buying at current prices may mean perfect timing. However, like yesterday’s emphasis, trading when prices are above 7.5 cents is a little bit more conservative and safe for those who need assurance.
IOTA (IOT) Price Analysis
Yesterday’s IOTA events did breathe life into IOTA buyers. After Trinity Audit announcement, Mathew Yarger is the latest member to join the IOTA Foundation. We expect more experts to join in the blockchain fray as this is definitely the future.
In the meantime though, traders can take IOTA longs. Ideal stops should be at $1.3 just as our previous trading plan suggests.
The post Mainnet Launch is Tron’s True Acid Test: Tron, EOS, IOTA, Stellar Lumens and Litecoin Price Analysis (May 31, 2018) appeared first on NewsBTC.
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