The values of digital currencies are correcting gradually after the extraordinary performance last week. If things continue the way they are, then traders of Litecoin, Stellar Lumens, EOS, and IOTA can remain neutral and wait for reversals at the former points of inflection. Here is the technical analysis of some of the leading digital currencies.
Technical Analysis of EOS
The whaling influence is playing out in EOS. This is because solid data shows that ten addresses hold about 50% of EOS coin supply. This means ten addresses holds 500 million EOS tokens, and Block.one is one of the major hodlers.
Price wise, bears might continue to push the value of the coin lower. In this regard, the bullish candlestick on the 2nd of June would act as a slight resistance and support in a couple of days from now. So if you want perfect long entries, you need to wait until the bears test the $12 level.
Technical Analysis of Litecoin
Following the collapse and rejection of higher prices yesterday, chances are there may be a follow through today. This analysis will anchor on the candlestick of June 3rd which had high volumes but price alternations were in a tight range. As a result of the technical development, probable support lies between the $110.00 and $115.00 levels.
Technical Analysis of Stellar Lumens
Week after week, the value of Stellar Lumens increases by 10%, but in the past twenty-four hours, the value has decreased by 5%. Most notably is the injection volume visible in the double bar bearish reversal trend of yesterday.
As a result of those market participation spike, the digital currency might end up dominating price action today. In respect to the bullish pattern of last week and the present state of the coin, possible reaction point and immediate support would be at $0.25 on the lower end and $0.27 if this correction isn’t very deep.