Most altcoins in the market are in consolidation and are experiencing price drops. However, there is an exception in Tron, whose price has increased to as high as 13% in last week alone. The most noticeable trend is that of the Stellar Lumens which has continued to fall despite the announcement from BitGo. Another hard-to-miss is Monero, which has been declining according to several Monero price analysis.
The EOS Price Analysis
Block One (B1), having EOS to its name and benefiting $4 billion worth of ETH after a year of crowd funding is not spared from controversy, as it has been a recurring topic after revelations of corruption, collusion and existence voting cartels which have placed Block one on the offensive.
Notably, Block one issued a statement about the condition of EOS Block Producer election once with an indication that they will vote in order to change potential BP collusion and cartel dealings. They are quite optimistic that they can massively influence the election of 100 million votes.
B1 has then set a target to use a fragment of their 100 million EOS to fight cartels and rekindle the almost dead confidence of the network users in the system. The bone of contention now is that the plan to use majority ownership title to combat collusion is a threat to democracy despite the fact that the initiative is grand and aimed at the restoration of governance and security.
Speaking of price, it wouldn’t be erroneous to state that EOS price has been relatively stable at the same time fluctuating around last week’s highs. Though it went down almost 3%, it compliments Oct 6 losses. As at press time, it is trading above minor support trend line though roughly.
Litecoin on a Light One
It is report-worthy to state that a United Kingdom-based crypto exchange platform, CEX.io, has initiated plans to reintroduce Litecoin (LTC) sometimes in the future. This move can definitely increase the customer-base as the exchange is already reputable for serving most countries across the globe and facilitating fast and itch-free exchange between crypto and fiat currencies.
CEX.IO seem to have engaged in an upgrade as its new infrastructure now incorporates multi-sig wallets unlike before, this upgrade will no doubt increase the security and liquidity of the seventh most liquid token in the crypto ecosystem.
Despite the likelihood that there might be a bull market for Litecoin, its price is ranging and below sic percent in the just concluded week. As immaterial as the price appears; it is still safe to be optimistic about a bull market.
Stellar Lumens Goes for the Stealer
A blockchain custodial service startup BitGo now offers support for Stellar Lumens and Dash. With the company revealing that it facilitates over $15 billion worth of Bitcoin transaction in the space of a month it would only be reasonable to state that the addition of XLM is yet another progressive step in the company’s bid to provide a seamless service with global coverage.
Following the sharp increase towards the end of the week on September 23, it is considered necessary for prices to retrace in a revaluation method. Stellar Lumens prices have now nosedived down 6 percent down from week ending of October 1 high. There is practically zero cause for panic, as far as prices are trading with a bull flag, there is still a strong likelihood of a bull market for Stellar Lumens.
Monero Collapses Before Update
Notably, Monero network engages in routine upgrades, and the next is scheduled for 18th of October 2018. With this upgrade, there is every tendency that it will make the network immune to ASIC mining while incorporating bullet proofs. It is exigent to note that Bullet proof is equivalent of SegWit for Monero owing to it’s the capacity to reduce both transaction size and fees. Though this reduction of ring size to 11 tags appears to come with it more privacy.
This Monero trade plan would be valid if as sellers re-assert themselves and the price drops by two percent in the last day. Also, XMR trading at $110 translates to trading the main support trend line which triggers sellers.
Only if there is a poignant gain, it would be somewhat safe to take positions after every pullback with stops at $120. The first target being $100 is a psychological level and subsequently $70. Speaking of turn over, any increase above $120 defeats this trade position and creates an avenue for bull traders aiming as high as $150.