Critic: “By Agreeing To Print 19,000 Extra Tokens, EOSIO Are Violating Their Constitution”: Tron, EOS, IOTA, Stellar Lumens and Litecoin Technical Analysis (June 9, 2018)
Evidently, this week has been bearish. Even in the midst of raging bears, EOS is still outperforming gaining 16 percent in the last week. This is despite investor frustration due to their delay in launching their blockchain. There is anticipation and should we see a “go” vote, then prices are likely to print new highs. On the other side of the spectrum, IOTA user case applications seem endless and that’s why it’s a long term buy-hold coin. Our technicals recommend buying IOTA once prices print above $1.8.
Now, a look at the charts:
EOS Technical Analysis
EOS mainnet launch delay is not only a technical but a protocol and a trust issue. From my understanding and what online commentators say, the decision by block producers to print an additional 19,000 EOS tokens to address Random Access Memory (RAM) issue and booting the blockchain is invalid because as the protocol dictates, there should be a finite amount of tokens in circulation.
Craig of EOS BlockSmith had this to say:
“Personally I think this issue was closed. I agree with Dan, we should just print tokens. We have a 72 hour old chain done this way, we should stick with it”
Their decision shows how powerful there are because they would be apparently changing the constitution while bugs continued to be found. Then, from the trust angle, the reason why there is a “no-go” vote is simply because of the EOS blockchain protocol that dictates that 15 percent of EOS coin owners should at least vote for one Appointed Block Producer (ABP), who in turn would take custody of the network before everything else is resolved. Should ABP go AWOL resulting in key sharing then we should have a fork on EOSIO 80 hour old blockchain.
As anticipation mills over when EOSIO would launch, prices are down. In the daily chart we can see that buyers struggling to print above $15 while sellers are adding their short position with every high. We cannot really give a straight forward call here. It’s a waiting game with clear buy or sells triggers laid out according to our previous trade plan.
Litecoin (LTC) Technical Analysis
There is nothing much from the fundamental end neither can we see strong movements from the charts. Even after reasonable positive announcements and strong marketing campaigns aimed at encouraging retailers to pay their bills using LTC, we are still seeing these horizontal price movements.
For perspective of how this accumulation has been, prices are down two percent as I type this in the last 24 hours and up one percent week over week. In all this, Litecoin is moving inside a $5 range in the last five days. Because of this, our recommendations are pretty much unchanged. We hold a positive outlook as we wait for breaks above $130 but any form of sells below $115 would effectively invalidate this skew.
Stellar Lumens (XLM) Technical Analysis
As we conclude the week, Stellar Lumens performance like the rest of the market has been dismissive. Not only did it gain a meager three percent in the last seven days but it is trading within a very tight 3 cents range. That’s how things are. So, like yesterday and the day before yesterday trade plan, we shall maintain a neutral outlook until after we see gains above 30 cents or below 27 cents.
Tron (TRX) Technical Analysis
Odyssey v2.0 is what Tron and Justin Sun want to see become solid. They are incentivizing developers to thoroughly check the network for vulnerabilities by raising the bounty to a cool $10 million and giving these guys ample time to grill the platform. Remember, before their Independence Day schedule for June 25, we should see whether Tron is a sieve or not. Justin is serious about security and so are Tron supporters and coin holders.
Talking of support, there is some bit of sell pressure rejection at 5.5 cents judging from the way candlesticks are closing. See those long lower wicks hinting of support in lower time frames? Those are good indicators but that doesn’t mean we buy right away. Like previous trade plans, the best way to trade is to wait for break outs which by the way can be in either direction. Above 7.5 cents or below 5.5 cents, it entirely depends on what participants think of TRX value. So, let’s see where prices would break to today.
IOTA (IOT) Technical Analysis
It’s true that IOTA prices took a hit in previous sessions but after yesterday’s follow true of June 7 pin bar, it’s likely that buyers would follow through. I would recommend taking longs after prices break above $1.8 or June 7 highs with stops at $1.6.
Coins image via Pixabay.