Today LUX released their latest blog post entitled "Luxcore v5: The revolution WILL be televised!" which you can find here:
https://medium.com/luxcore/luxcore-v5-the-revolution-will-be-televised-de38edd3eab5
Full disclosure I became a long term holder of LUX after experimenting with mining. LUX claimed to have a unique mining algorithm (Phi) that was more energy efficient thus producing less heat. After testing with my GPU and proving the claims correct I had confidence in the teams ability to deliver on promises and began to look further into LUX.
In fact I am such a fan that I even made this .Gif when testing out a new art program! Please feel free to use as you wish.
Lets begin with the technical analysis working on higher timeframe downwards.
1D
The daily chart is useful for giving us an overall view of price history. Things to note here are:
- Price peaked @ 0.350586/$50.25 USD
- Reaching previous price peak would mean an increase of 319.59% if bought today.
- We can see the closest downtrend lasted 35 days with the trendline being broken upwards on 28/5/2018
- We are technically speaking in an uptrend with higher lows and highs
- Price is just above the .786 fib. This was a fantastic entry point for alts in the most recent market rally. Buying around the .786 fib almost guarantees you are getting a great entry.
12HR
The 12HR lets us see what has been driving price in a bit clearer detail.
- We can see the bullish divergence that was a precursor to price driving upwards highlighted in the white box.
- Price found support at the .786 fib and is finding resistance at the .618 fib. Ideally price will drive through the .618 resistance and turn it into support as a platform to move higher.
4HR
The 4HR is most useful for planning your entry.
- RSI and MACD are both building momentum.
- Volume is steadily increasing. We can see the large spikes but also note the white cloud rising.
- 50 EMA (Blue line) is currently below the 200 EMA (Yellow line)
- We have price almost forming a wedge shaped by the 50 & 200 EMA.
Based on the 3 charts above a recommended entry would be at the blue 50 EMA (currently 0.000838) or if you are conservative placing an order around 0.00075 (Always put your orders above or below round numbers i.e 0.00076) as this lines up nicely with the .768 fib and previous support lines.
FUNDAMENTALLY AWESOME
POS web wallet
Lux features the first proof of stake web wallet in the crypto space. What this means is that you are not required to leave your wallet open in order to receive staking rewards. I have tested out the web wallet and everything works fantastic. Simply send your coins in and wait for rewards. Please note they also have an Android wallet!
Hard fork features
LUX is gearing up for a huge hard fork in mid-June that will be adding smart contracts, SegWit, block pruning (reducing storage requirements for blockchain), Phi2 algorithm.
Of these announced features I am most excited for the Phi2 algorithm. the creator of Ccminer Tpruvot actually joined the Luxcore team on 14th April
If you have looked into cryptocurrency mining at all you will understand why this is a big deal. Ccminer is one of, if not THE most popular mining utilities in existence. To know that the creator of that program has joined Luxcore is a huge boost moving forward and I have very high expectations for Phi2 that based on past performance the team will deliver on.
The McAfee effect
On April 17th it was announced that John McAfee onto the senior advisory committee. This was met with an 85% price increase. Say what you feel about the man but he knows how to make price move and it is of great advantage to LUX that he is on board.
New exchange listing
And biggest of all is the new exchange listing. All that LUX has achieved has been done on a couple of exchanges in Cryptopia and Crypto-Bridge. There is nowhere else to purchase LUX. Do NOT buy LUX from anywhere else unless it is a private deal. Yobit exchange has a coin called LUX, this is NOT LUX you will not be able to send it from there.
Few things are certainties in cryptocurrency but it is almost guaranteed that you will profit from buying in at these levels once a major exchange is announced. I believe it is better to get in early than to have missed the boat.
This is my first ever blog post so feel free to leave your feedback on where I can improve and I hope you have enjoyed my analysis of LUXcore! Please like and subscribe if you would like more content and give my twitter a follow I share charts there regularly.
-Twitter- twitter.com/TheTradingStoic
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-LTC address- LPQENauBS35f3hb5bX3Z83Qfqmo5UNbwmH
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*I am not your financial advisor and this is not financial advice. DYOR