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Litecoin (LTC), EOS (EOS), IOTA (MIOTA), Stellar (XLM) Price Prediction: Cryptocurrency Weekly Overview

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  • Thomas Hughes
    📈 Price Predictions

    With Bitcoin bumping its head right the $5,000 barrier and the total market cap up $30 billion in two days it’s only normal to say we are dealing with a resurgence of the crypto market.

Litecoin (LTC), EOS (EOS), IOTA (MIOTA), Stellar (XLM) Price Prediction: Cryptocurrency Weekly Overview
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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With Bitcoin bumping its head right the $5,000 barrier and the total market cap up $30 billion in two days it’s only normal to say we are dealing with a resurgence of the crypto market. The conditions feel similar to the bull run of late 2017, when everything was green, with double-digit gains on a daily basis. The question is, is this a temporary rally or the beginning of a bull market? Let's take a look at the charts of Litecoin, EOS, IOTA and Stellar to see if there’s more upside potential.

Litecoin (LTC) Price Analysis

Even before the last strong breakout, Litecoin was showing upwards momentum and climbing consistently. Its latest move and break of $66 - $69 resistance marked the creation of a new significant higher high (we had a lot of higher highs and higher lows even before this but nothing significant).

Given the strong momentum shown by Litecoin, it’s very probable we’ll see a touch of $90 resistance in a day or two, followed by a move into $100 area. If the pair reaches this resistance, we may see a retracement lower based on profit taking (on leveraged platforms) and possibly exhaustion. Main weekly bias is bullish nonetheless, a halving of the block-reward is going to cut into supply and that is what is supporting prices.

Litecoin (LTC) Price Analysis

LTC/USD chart by TradingView

EOS (EOS) Price Analysis

Sitting just behind Litecoin, at number 5 in CoinMarketCap rankings, EOS has a circulating supply worth $4,661,272,294 and is trading at 5.14 against the US Dollar. The recent break of $4.60 resistance makes the outlook bullish for EOS and increases the probability of a new uptrend developing.

The candles are big compared to what we’ve seen in the last few weeks or even months, which shows strong momentum. We could very well see EOS move into $6.90 area in a week’s time but be aware that overbought levels will come into play; a correction will develop eventually. However, as long as the price is above the 100 days EMA, price action favors the bulls.

EOS (EOS) Price Analysis

EOS/USD chart by TradingView

IOTA (MIOTA) Price Analysis

With a circulating supply valued at just above $1 billion, IOTA is ranked number 15 and trading at 0.36 against the US Dollar. This token has had a whopping 19% climb for the last 7 days. The bad news, maybe the good news, is that unlike the other cryptocurrencies examined so far, IOTA has not broken a significant resistance level. That level is located at $0.40 and if surpassed, will likely trigger additional upside movement. A bullish sign is the strong break of the 100 days EMA and, with the entire crypto market is rising, I expect IOTA to break $0.40 pretty fast. After that, it will head into $0.50 - $0.52 resistance in a week’s time or even sooner.

 IOTA (MIOTA) Price Analysis

IOT/USD chart by TradingView

Stellar (XLM) Price Analysis

Number 8 ranked Stellar is currently trading at $0.12 and has a circulating supply valued at $2,378,339,458. It has gained over 16% in the last 7 days and shows positive momentum.

Similar to IOTA, Stellar is currently testing a significant resistance level and the way it behaves here will determine the direction for the next week. If the level at $0.13 can be surpassed, the pair will probably climb into $0.15, followed by $0.17 - $0.18. When and if it gets there, the probability of a retracement will increase due to overbought conditions.

Stellar (XLM) Price Analysis

XLM/USD chart by TradingView

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Binance CEO Changpeng Zhao Denies Opening Office in Beijing

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  • Alex Dovbnya
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    No, Binance doesn't plan to open a Beijing office despite China warming up to crypto

Binance CEO Changpeng Zhao Denies Opening Office in Beijing
Cover image via yotube.com
Contents

During a recent Bloomberg interview, Binance CEO Changpeng Zhao said that the Malta-based exchange didn't have plans to open an office in Beijing. 

"We don't have an office in Beijing. That's a rumor. That's not true."    

When it comes to their strategy in China, CZ says that they will focus on research and development while helping "wherever they can."

"Our strategy is very simple. I think we want to follow the recommendations very closely and we want to promote the Blockchain technology research and development."    

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Binance's homecoming

On Oct. 31, Coindesk reported that Binance was opening a new office in the Chinese capital, citing two anonymous sources. However, Binance didn't confirm this information. 

This came after Binance launched peer-to-peer trading against the Chinese yuan (CNY) on Oct. 9, which signaled that the country might be finally ready for homecoming after leaving China after that crypto clampdown that took place in Sept. 2017.

Back in August 2019, Binance barred its citizens from using more than 100 foreign exchanges, including Binance. 

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Throwing weight behind blockchain

As reported by U.Today, Chinese President Xi Jinping endorsed blockchain, the technology behind the vast majority of cryptocurrencies, which sparked a major crypto rally. 

Following President Xi's comments, the People’s Daily, the mouthpiece of the Communist Party of China, called blockchain a "breaking point" while the country's military newspaper suggested that Chinese soldiers could be rewarded with crypto tokens. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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