Cardano, Ethereum Classic, IOTA, DASH, NEO Technical Analysis July 31st

Altcoins Collapsing, ADA Down 10% in 24 Hours

Coin specific news are generally hawkish for most cryptos under our review but unfortunately that is not affecting price in anyway. For example, we have new TestNet launch for Cardano’s IELE while DASH is a staple in Venezuela. Price wise though, all coins are registering losses with sellers snapping back in trend and towing in with the bear break out pattern drawn in early June.

Cardano (ADA) Technical Analysis

News Highlights

  • In its July 2018 Edition, DPRatings, an independent cryptocurrency ratings-said that Cardano and three other smart contract platform are the most active at GitHub.
  • Two months after launching K-EVM, a conduit that allows developers to run their apps at the Ethereum virtual machine, the Cardano Foundation has now launched IELE TestNet. The aim of the TestNet is to allow Cardano’s own virtual machine to run more effectively and developers to easily predict GAS prices.
  • In an interview by Nick Hellman from Learn Crypto, Charles Hoskinson said he often advises small cap blockchain start-ups post their ICO phases.

Technical Analysis

Cardano (ADA) Technical Analysis
Click here to see the full Cardano Daily Chart by Trading View

For perspective, ADA is down eight percent in the last day and posed for more losses considering the pace of that depreciation.

Then again, with these loses, our stops at 16 cents in previous Cardano (ADA) trade plan has been hit meaning we shall take a neutral stand.

Our main support and sell trigger line is at 12 cents. 12 cents also doubles up as 2018 lows and at current spot prices it risk reward ratio consideration forces us to be neutral. Let’s see how ADA prices react at 12 cents because any dip below that would likely push prices to 7 cents, ADA’s ATLs.

Ethereum Classic (ETC) Technical Analysis

Ethereum (ETH) Technical Analysis
Click here to see the full Ethereum Classic Daily Chart by Trading View

In a classic effort versus results scenario, it took 10 good trading days for buyers to reverse that single bear candlestick of July 20.

That’s not all, it’s clear that buyers did have a hard time to reverse July 10 and June 22 sell candlesticks. Coincidentally all these happened right at main resistance line and bull trigger at $18.

Now, as laid out in previous ETC technical analysis, our trade plan is clear: ETC buyers will only be in charge once there is a break out above $18 and ETC sellers once we see losses below 2018 lows at $13.

However, considering the whole set up, I suggest small size ETC sells once we see losses below July 20 at $16. Fitting bear targets would be at $13 with stops at $18.

IOTA Technical Analysis

IOTA (IOT) Technical Analysis
Click here to see the full IOTA Daily Chart by Trading View

Though IOTA is still perched in the top 10, losses are moderate and is down four percent in the last day.

Like most altcoins, IOTA is literally struggling to contain sellers and after brief attempts of higher highs on July 26, our stops have been hit and now we remain neutral waiting for a trend setting reaction at 90 cents.

As mentioned in all our previous IOTA technical analysis, IOTA valuation depends on whether it shall collapse at 2018 lows or if buyers would have sufficient reasons to buy on dips. In case of price capitulation, first targets would be at 65 cents while a buoy means small size buys at pull backs with first targets at July highs—at $1.2 and later $2.

DASH Technical Analysis

News Highlights

  • Of all coins combined, it seems like Venezuelans value DASH for its fast settlement speed and ability to scale. There are more than 540 merchants-including subway-who accept DASH and more than 10,000 daily DASH users according to comments from Joël Valenzuela, DASH’s Director of Public Outreach.
  • Reports indicate that German Media prefer covering DASH related news than those of Bitcoin and other coins.
  • There’s a new research paper covering blockchain scalability that DASH in collaboration with Arizona have published.
  • Fidelity Investment Fund-managing assets exceeding $2.4 trillion-is now interested in cryptocurrencies and now owns 15 percent of Neptune Dash.

Technical Analysis

DASH Technical Analysis
Click here to see the full DASH Daily Chart by Trading View

Despite high trading volumes between July 17 to 19, DASH bulls didn’t muster enough momentum to edge past $270 main resistance line and previous support. From previous DASH technical analysis, $270 is an important resistance line and marks the upper limit of this 50 day accumulation.

Since we were technically trading within a bear break out line set in motion by June 10 bear candlestick and highlighted in previous DASH trade plans, we shall treat the current slow-down as the trend resumption phase and short with every high as before.

In this case, immediate sell targets would be at $160 with stops at $250.

NEO Technical Analysis

NEO Technical Analysis
Click here to see the full NEO Daily Chart by Trading View

From the chart, sell momentum is picking up as NEO buyers lose their upward momentum.

Thus far, NEO is down four percent and even though it is trading within a 50 day accumulation, NEO sellers have an upper hand. It’s likely that we might see further losses today now that sellers broke below the first level of trend line support on July 30.

I recommend-after taking into consideration the overall trend and recent technical formations-selling at current prices with stops at $38 and first bear targets at $25 and later $12.


Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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