Altcoins Weekly Analysis – EOS, IOT and XLM – 10/02/19

EOS

EOS rallied by 13.31% in the week ending 9th February. Following on from a 1.61% gain from the previous week, EOS ended the week at $2.814.

A relatively bearish first half of the week saw EOS fall to a Wednesday intraweek low $2.3163 before steadying.

Struggling to hold onto $2.4 levels mid-week, a broad-based crypto rally on Friday delivered the lion’s share of the weekly gain, with EOS rallying by 16.94% on the day.

Friday’s rally saw EOS break through the week’s first major resistance level at $2.5912 and second major resistance level at $2.6991.

Following on from Friday’s rally, EOS rose to an intraweek high $2.8782 on Saturday, before easing back.

For the week ahead, a hold onto $2.75 levels would provide support for further gains through the week.

A breakthrough last week’s high $2.8782 would bring $3.00 levels and the week’s first major resistance level at $3.0236 into play before any pullback.

Barring a broad-based crypto rally, we would expect EOS to be pinned back from a breakout from $3.00 levels. The the second major resistance level at $3.2332 will unlikely be tested in the week.

Failure to hold onto $2.75 levels could see EOS fall back through to $2.5 levels. A pullback would bring the week’s first major support level at $2.459 into play.

While we would expect EOS to steer clear of the second major support level at $2.104, a pullback to $2.3 levels and last week’s low $2.3136 could come into play should the market hit reverse.

At the time of writing, EOS was down 0.92% at $2.7880.

EOS/USD 10/02/19 Weekly Chart

IOTA

IOTA rose by 5.16% in the week ending 9th February. Reversing most of the previous week’s 6.08% loss, IOTA ended the week at $0.2812.

A relatively bearish first half of the week saw IOTA fall through the first major support level at $0.2464 to a Wednesday intraday week low $0.2403.

IOTA managed to recover to $0.25 levels by the end of Thursday before rallying to a Friday intraweek high $0.2901. IOTA broke through the first major resistance level at $0.2879 before easing back.

Recovering from a Saturday low $0.2751, IOTA managed to wrap up the week at $0.28 levels.

For the week ahead, a hold onto $0.28 levels through the early part of the week would support a run at $0.30 levels and the week’s first major resistance level at $0.3008.

We would expect IOTA to come up short of the second major resistance level at $0.3203. In the event of a broad-based crypto rally, $0.3100 levels could come into play.

Failure to hold onto $0.28 levels could see IOTA fall through to $0.26 levels before any recovery. Barring a broad-based crypto sell-off, we would expect IOTA to steer clear of $0.25 levels and the week’s first major support level at $0.2510.

At the time of writing, IOTA was up 1.79% to $0.2863.

IOT/USD 10/02/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen fell by 3.29% in the week ending 9th February. Following on from the previous week’s 15.38% slide, Stellar’s Lumen ended the week at $0.081184.

It was a particularly bearish start to the week. Stellar’s Lumen fell on 4 consecutive days to an intraweek low and new swing lo $0.07336 before finding support.

The reversal saw Stellar’s Lumen slide through the first major support level at $0.0765, whilst avoiding sub-$0.07 support levels.

Following a relatively range-bound Thursday, Stellar’s Lumen found support from the broader market to strike a Friday intraweek high $0.084999. In spite of the Friday recovery, Stellar’s Lumen came up short of the week’s first major resistance level at $0.0964. Stellar’s Lumen was back in the red on Saturday.

For the week ahead, a hold onto $0.08 levels would bring the week’s first major resistance level at $0.0863 into play. Support from the broader market would be needed for Stellar’s Lumen to take a run at $0.09 levels and the second major resistance level at $0.0915.

Failure to hold onto $0.08 levels could see Stellar’s Lumen fall through the week’s first major support level at $0.0747 before any recovery. Barring a broad-based crypto sell-off, we would expect sub-$0.07 support levels to be left untested.

At the time of writing, Stellar’s Lumen was down 0.33% at $0.080916.

XLM/USD 10/02/19 Weekly Chart

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