Cardano, Ethereum, Ethereum Classic, Tron, Monero Technical Analysis July 19th

The Crypto market is alive and nothing more could support coin prices more than new findings from eToro. According to their research, there is a tad bit of Cardano (ADA) undervaluation considering the smart contract platform it seeks to unleash.

In the meantime, talks of scalability continue to dominate giving Ethereum Classic a time to shine and benefit from DCG investment.

Let’s have a look at these charts:

Cardano (ADA) Technical Analysis

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

Of course the pump is real and uniform across the market. Before we move on and attribute the recent resurgence of price to internal or development factors, we must bring to light the influence of Bitcoin. Bitcoin is now trading above $7,000 after 25 days of consolidation lifting Cardano (ADA) and most coins in the top 10. The only caveat and a point of caution is that Cardano is a promising project on paper.

Proponent says that their blockchain is a research product and their Proof of Stake consensus algorithm is peer reviewed and advanced. Once there is implementation, supporters assert, it shall set the standard for other virtual currencies to adopt.

Nonetheless, I remain conservative on such lofty claims though even if we have a glimpse of the future thanks to recent update of Shelly Project. Shelly is a project that’s after more decentralization working on the three pillars of delegation, incentivization and networking.

Back to price action and ADA bulls are on the lead reversing June losses. At current prices, it means our bull triggers has been hit meaning our ADA longs are now active.

From previous trade plans, we had set our buy trigger at 16 cents or at July 2 highs and prices are now trending above it. If it remains this way then traders ought to move there stops to break even and shift their take profits to 30 cents.

Ethereum (ETH) Technical Analysis

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

Vitalik is the poster boy of Ethereum and he definitely means well for the network. In a recent interview with Tyler Cowen, Vitalik said for blockchain technologies to have this high level global adoption then it must deal with scalability concerns and improve user experience.

It’s a good thing he talks about it because Ethereum is trying to solve scalability in a two prong approach. One is through on chain improvement via sharding and another is a layer two, off chain solution with implementation of Plasma. If successful, both will see Ethereum “raw’ through put spike from 15 TPS to >10,000 TPS effectively competing with other payment solutions as Visa.

Clearly, Ether is rejecting BTC charms and while Stellar is printing double digit gains, ETH is up nine percent for the week. This by extension means our buy triggers and previous trade plan is solid.

However, this should not be interpreted as bearish because this could be after all an undervaluation relative to the general bull market. Aggressive traders can take advantage of this arbitrage moment and buy ETH at current prices with tight stops at $450. Nevertheless and in m view, I suggest staying neutral until buyers breach and close above $550.

Ethereum Classic (ETC) Technical Analysis

Ethereum Classic (ETC) Technical Analysis
Click here to see the full size Ethereum Classic Daily Chart By Trading View

According to Barry Silbert, whom the CNBC Fast Money hosts gladly call the “King of Crypto” thinks 2019 is going to be an enormous year for cryptocurrencies including ETC. The reasons are there for many to see.

First, there shall be institutional involvement and secondly, Cryptos would be socially acceptable. People will simply have an easy time getting involved and now Decentralized Currency Group (DCG) have allocated 25 percent of their holdings in ETC.

That’s a shill by a market influencer and coincidentally, it’s happening when there is a problem within the Ethereum development arena. For some reasons, the Ethereum Foundation did implement Parity Bailout EIP without the community blessings triggering calls of centralization and core dictatorship.

In the charts, we are still neutral on ETC waiting for bulls to move prices above $18. From our early analysis, we were pretty much bearish on this coin after July 10 bearish candlestick threatening to drive ETC prices to $12.

However, bulls are now back and it’s only a matter of time before we see strong volumes pumping ETC above $18 and validating our longs. When that happens, buyers should first aim at $25.

Tron (TRX) Technical Analysis

Tron (TRX) Technical Analysis
Click here to see the full size Tron Daily Chart By Trading View

There is no surprise that Tron’s intention is to dethrone Ethereum and take over the dApp/smart contract business. To make that a reality, they shall be launching their TVM later this month and with a promise of 10,000 TPS per second with several rewards in place for developers, the smart contracting market would heat up.

We shall see what happens once they are running full throttle. In the meantime though, Tron Foundation did dispose 92.4 billion ERC-20 tokens from exchanges a couple of days ago. At the same time, Justin Sun has relayed his intentions to run as a SR and it is a personal decision and the 33.25 billion votes locked by the Tron Foundation would not be used to vote him in.

In the midst of buy pressure, TRX longs are now active after yesterday’s bull close above 4 cents. Anyhow, it has been coming and following this week’s impressive bullish run and positive decisions by the Tron Foundation, TRX is poised for further gains.

Notice that these higher highs are accompanied by strong volume spikes and it’s at the background of this that I recommend loading at current spot prices with stops at 3.5 cents with first targets at 5 and later 5.5 cents.

Monero (XMR) Technical Analysis

Monero (XMR) Technical Analysis
Click here to see the full size Monero Daily Chart By Trading View

Regardless of the excitement within the space, we remain Monero bears until after buyers gain enough momentum to clear $150, our immediate resistance and buy trigger line. Already, there is some positive development in the aftermath of July 10 bear candlestick.

Buyers are not only trading above its highs but are towing in with buyer intentions clear on July 10 pin bar and the long lower wick signaling buy involvement. I suggest remaining neutral until after our trade conditions are met.


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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